After my Main View the beartrain drove a bit deeper and nearly stopped between the minimal and the normal correction Level -our Station :-) We got stopped in @ 41.5$, the 38,2 fibo. This is a longterm strategical longposition - at this Point we can think about a sl-adjustment upt to 42,65$ to make the Position riskless. TP is still the neckline
At the Moment it seems that oil will complete the right shoulder. The next hurdle is the mini-resist @ 49$. Tradiung above that Level should initiate an upswing to the neckline.
The neckline @ 51,5$ is the main in this timeframe. You can exspect many shorties who lie in wait for their Chance to fix oil . Why doing that? Beacase a short at this Level has a phantastic Chance-Risk-Ratio (entry 51.5, SL 52-56/ TP 43/38.88/35.15/26). I won?t do that! Why? Because it is a countertrade, and i am a pure PROcyclical bo-trader
Main View: Can this be true? Dez 2016: 75$ ???
What do my tired eyes see?? Isn`t it a big bottom pattern in form of an exemplary H&S?
The 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 is being formed. Prices above the neckline could interpreted as a BIG LONG SIGNAL.
I have illustrated the possible TPs in my chart