Potential Cypher pattern at USOIL which can end a speculative bullish run on oil and start a corrective impulse towards approximately 41.48 . Please notice also a possible Bearish divergence forming on a daily chart.
If confirmed, I will short by market at 53-53.50 area with a SL at 54.50 and TP at 41.50
Closing a daily candle above 53 will invalidate the pattern and an idea
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Bulls are still in command but last week there was some profit taking. Let´s see if next week we can tag 53 and start running down
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Heading down from the top at 51.91. Let´s see how far it can get
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Has it reached the intermediate target? Yes. Is it divergent? yes. Is it going down? Yes. But for some reason I don´t see it dead yet...
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For those who want to add shorts, I´d expect for a pullback to 49.22 and add there. SL: 50.50. TP1: 47.50, TP2: 45.50, TP3: 42
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TP3 on sight. Posting a new chart with new trade on oil
Thank you fir sharing this, Sir! I believe the B-C retrace on this Butterfly has gone a little bid far: it should not close below 50% fibo retracement and thsi retrace went to 38.2% and closed several times near that area.
Nevertheless, if 53.** short is confirmed, the shorts can be joined at any moment =)
captain_smollett
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Expecting a pullback and then more to downside
captain_smollett
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Oil failed to reach the Median Line of my fork and now may re-visit the Hagopian line at 42 area. That is where 200 MA placed as well. Brent closed below 50 as well despite bullish EIA report. The odds we go down to September lows are really high now. Notice also a bearish divergence on Daily chart
captain_smollett
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Just add a more detailed chart: notice 48.40 and 47.35 as strong supports which can turn oil bullish again. Below 47.35 I can see only 42 and, probably, even lower. Specially, if that funny oil meetings they´ve been holding for almost a month give no result