Attention! Oil is reaching a possible Bounce-back Area.

FX:UKOIL   Crude Oil (Brent)
45 0 2
Watch if there will be a strong bounce-back (Thrust) at the area marked with a circle on the chart. If this happens (within a few days or so), it means that we are looking at a major trend line change in oil             in the "UP" direction. If not, then weakness is still there and Oil             may go down further. However I think that the chances for a trend change is significant. Bear in mind that also the wave counts (minor and major) seems to be complete at this crossing. If this trend change occurs, then USD-CAD             pair will fall. Keep in mind that there is some multi-shoulder Head&Shoulder barely recognizable at USD-CAD             pair. Further weakness of oil             , meaning piercing this significant crossing (red circle) would easily mean that USDCAD             climbing all the way to 1.36 levels (end of 5th major wave on USD-CAD             ). Will be interesting to watch. Regards and good trades.
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