What do my tired eyes see?? Isn`t it a big bottom pattern in form of an exemplary H&S?
The RSI signs, that there is still a bit air on the downside. A dip back to the 38,2 fibo @ 41,92$ would be great. A dip to the 0,5 fibo normal and a dip to the 61,8 maximal.
If this level would be bought, a H&S is being formed. Prices above the neckline could interpreted as a BIG LONG SIGNAL.
I have illustrated the possible TPs in my chart
The RSI signs, that there is still a bit air on the downside. A dip back to the 38,2 fibo @ 41,92$ would be great. A dip to the 0,5 fibo normal and a dip to the 61,8 maximal.
If this level would be bought, a H&S is being formed. Prices above the neckline could interpreted as a BIG LONG SIGNAL.
I have illustrated the possible TPs in my chart
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Microstructure:
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We have reached the 38,2, no bottom in sight yet! 38,8$ - the 0,5 fibo could be the next target
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Overview Update:
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A H&S at that niveau would be nice for my analysis ;-9
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nice one!
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Oil reached an important action point -the 38,2 fibo and the former breakout niveau (blue) - at thhis point mythis main analysis started... - for those shorties which have missed the last train, this could be the so called "traders dream" where a new short position could be entered. Will oil trade sustainable above that niveau, the next fight will be the downtrendline @ 45.10$ . Trading above that level will open the next targets 45.63 and 47.13.
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next target 45.63 reached
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Today we have reached thze 61.8 fibo of the downswing 51,6-39,3. the open position is comfortable in the win - at presesnt ca. 7$! At this fibo level i exspect a corrective downmove - perhaps down to the "traders dream" - the 38,2 fibo from the movement ( 39,3-47,04) at 44,82$ - the former breakout level!