CL - Crude Oil / Larger Structure and Clarification 1/3 CRUDE OIL FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) NYMEX:CL1! HK_L61 Need to Clarify my position for Crude Oil with respect to the Bullish stance and a retest of the Prior Highs as there appear to be confusion surrounding prior commentary - Crude Oil would become a very large Position for the Next run in Oil . Time is nowhere near this Entry - Not remotely Close. We are not encouraged by the current Price Action, not at all. Hopefully, this provides clarity - it is not time to be bullish for reasons we have outlined in prior commentaries from both a Fundamental Energy Complex Analysis and as a Trending Instrument. ___________________________________________________ CL Commentary for today will be provided in 3 separate Posts. Commentary 1 is the Larger Structure. Monthly, Weekly, and Daily Structure is - very poor. As a Trending Instrument, it stays in Trend with few exceptions. Counter-Trends at Measured Move Price Objectives are part and parcel of the Larger Structure. How these behave will be illustrated in the following Commentaries 2 & 3. There are Limits to Counter-Trends, most often the Momentum and Trending Cloud sets the Upper Limit. SMAs , also provide limits, the 21 and 34 SMAs set ceilings as well. ___________________________________________________ The salient takeaway for CL is one of immense Risk as it has measured moves to 61 - 57 - 38 - 23 Crude Oil has been leading the decline, it is a leader. It signifies Overall Economic Activity, which we have shown to be on a very rapid decline for many months, regardless of the Pabulum from the Ministry of Confidence. Confidence has collapsed as Humanity comes to grips with new arrangements to their realities. They are quite dire. This is not my opinion, it is grounded in facts - based on mathematical realities. Opinions vary, in no way does that noise enter the analysis. ___________________________________________________ The Larger Structure for Crude Oil illustrates this unwinding of both Economic Activity and Confidence. There are 2 Primary Sentiment Indicators for Confidence - UMich and CB - samples sizes are 500/3000 respectively. Miniscule by design. Both have collapsed and are not going to recover much as we are in the late stages of the Equity Bull Market. __________________________________________________ Crude Oil VX is measured by the OVX , it is an important metric and one which should be used daily. API , EIA , RIGs - all complete BS and used to guide Confidence, we documented this year ago and it has only become far more insidious as to Mis-Reporting Factual Data. Make no mistake, it is all a large smokescreen. Price tells you everything you need to know, it has confirmed the Failures Crude Oil . ___________________________________________________ As well drill down into Time for Crude Oil , we will see a number of distinct patterns appear in Commentaries 2 and 3 to follow. Price remains in a very Dangerous Area at present, the Risks are immense. Part 2 will follow in several hours.