Lets take a detail look into and what could be some possible development in the coming weeks.
From my previous analysis we can see price did push down to the lows of the higher time frame structure, but just didn't continue the bearish move.
Instead, we then see some bullish impulse phase reversing up. In the last 2 weeks or so I have been updating the short term oil up move in my community/group. Knowing that once the price reach the previous highs, there could be possible bearish reversal opportunity that is align with the HTFs.
We can see now price has approach the previous highs, could be potential double tops that could form in the up coming days. What I want to see if some clean bearish reversal price action, such as Head and Shoulder, ascending channel/structure, Rising wedge...etc that can confirm the downside move.
Alternatively if the double tops doesn't form, watch price move up to the top of the HTF structure correctively, but still look for downside move if bearish price action formed.
Thank you
The short term buy forecast and outlook from 12/07/2021 01/05/2022 01/09/2022 01/12/2022
DISCLAIMER: -My forecast and analysis are NOT financial Advice, you should not trade and invest solely on this information.
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enter so far 2 entries, 1 loss and 1 BE
Still like the overall higher time frame price, will see how it develops on the lower time frame next few days.