-Price is at 61.8% golden ratio point
-High level of divergence ( , etc)
-a formation (regard squeezing of pricing)
-Some support levels hit
On contrary, formation channel is broken down but there is a bounce back. We need confirmation for the start of an up move.
Summary. The is a likelihood that the Oil price may go up sharply from this point on. However as there is no confirmation there yet, I am still open to a down move as well. Nevertheless, technically speaking, there are move signs for an upmove at this very moment.
Part 3 of thsi analysis will follow shortly an the USDCAD chart