- price is in a huge sideways range (see grey A/R channel)
- resistance at the A/R's high and the confluence point from the two forks
- the center of the pink SW is already broken
- the yellow one is not yet broken. The weakening of crude could make it happen.
- price could not reach the centerline after the first resistance. This indicates that price "should" go higher then from where it came...but it did not, not yet. A further fall would indicate that pressure from the upside is increasing and price potentially will move much lower!
If the blue ray (most right) is broken, I am willing to hunt for a long term short down to 36 or lower.
Now I'm really courious if it will break...it would probably play out very fast to the south. But that's probably just hopium ;-)