$CL 4H Analysis - The Uptrend Continues

CL is an excellent example of wave analysis while maintaining an upward trend. We sustained a solid upward trend over a period before the scenario became interesting. Here, we saw a structure break to the downside, which turned out to be a two-legged pullback or correction into an untested zone. This attracted more buyers, and the upward trend has now resumed. The current issue is that we are at previous highs. To take a long position, we must wait for a valid pullback to occur, either at the previous higher high (HH) or the average of the HH and the higher low (HL/2).