Here is a more refined look at Oil and the technicals and why Oil should go down
1-Price touches the TOP trend line (cyan in color)
2-Wave counts seem all complete at almost all Time frames
3-The price has reached almost the middle range of the "weekly resistance zone" (red box with cyan borders)
4-There is an obvious bearish wedge formation visible at 60 min chart, indicating peak of trend.
5-Fibonacci at exact 50% (measured from may 2015 correction point)
6-Strong Divergence at momentum indicators
Projection is 36$ range
Still waiting for a major bear signal to start the bear move.
Keep in mind that this analysis does not consider fundamentals and world events
Good luck.
1-Price touches the TOP trend line (cyan in color)
2-Wave counts seem all complete at almost all Time frames
3-The price has reached almost the middle range of the "weekly resistance zone" (red box with cyan borders)
4-There is an obvious bearish wedge formation visible at 60 min chart, indicating peak of trend.
5-Fibonacci at exact 50% (measured from may 2015 correction point)
6-Strong Divergence at momentum indicators
Projection is 36$ range
Still waiting for a major bear signal to start the bear move.
Keep in mind that this analysis does not consider fundamentals and world events
Good luck.
Comment:
Oil gave the thrust signal. Our analysis proved to be dead on the spot. Shorts can be taken at this point with a stop just above the peak. The target is 36$ range. Good luck (SEE CHART BELOW)