Is this a bearish wedge? Comments are Welcome -i am interested in YOUR ideas! How do you trade that? Regards Mary
Comment
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Wedge is active
Comments
StephenWright
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Hi Mary Jane on your graphs I don't understand the for example 0.618 or 0.382 can you explain?
Thanks Steve
TasosAna
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it looks like we will go up, this chart is bullish.
The_Cannalyst
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yes, indeed....the daily is STILL bullish. But for further upmoves, oil has to trade above 45.5 respective 46.5$
649bruno
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I constructed a one hour chart and my readings were 50-50. The indicator I use for trend (Chop) is telling me that currently there is no trend. The traditional indicators (phase energy, RSI, MACD) are working their way to over-bought. So, if this were a vote in the US Senate (which seldom happens!), the tie-breaker would go to the last valid sell Fractal I saw on September 6th at 8 PM CDT, which was 43.84. Because of the choppiness in the price action, I would be more bearish than bullish. If the price fails at 45.64 and reverses, your bearish wedge would be accurate. You have constructed a very good chart and we can see where the breakout/ breakdown apex is likely to be. Would I take a position now? No, I would wait for the trigger. Don.
The_Cannalyst
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hey Bruno..thx for your comment, but i don`t agree with you. Especially in the hourly Chart i see a clear downtrend wghich is still dominant,as Long as we trade below 45.75/46.5
649bruno
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I am bearish because of the sell fractal. The one hour chart did turn negative since I wrote my comment, but the two hour has not. So, we are in agreement on the bearish objective. I just wanted to await further confirmation. Don.
Thanks Steve