Greetings all, from my recent post regarding OIL where I expressed my view that we could see an important top soon and a pull back, today I have more signs increasing the chances that the high is already in and that price has started the anticipated the reversal. However, there is still no confirmation. Confirmation will come with the break below 54-53.75$.
Impulsive wave down.
30 minute chart. 5 waves down. Corrective bounce towards 38% Fibonacci retracement and previous 4th wave so far. Breaking to new lows is more probable than seeing new highs above yesterday’s high. Important support at 53.89$.
Another H&S pattern
Another H&S pattern could be validated once the neck line and support at 53.85-53.75$ breaks. Target would be equal to the height of the head.
Common denominator in both cases the importance of the support at 53.90-53.75$. If this support fails, prepare for a move towards 53$ at least.
Ichimoku cloud support is found at 52.85-52.40$. Daily support at 50.50$ very important. Also keep this level in mind. We will come back if 4 hour support fails to hold.
I’m already short since yesterday from 54.72$
Thank you for taking the time to catch up on my thinking.