Not always will trade retrace on the other side of an important time-cycle, but more often than not it does.
This is a considerable time cycle / time frame (Weekly)... so it is structurally significant and likely to follow probability base on history of the charting.
However, the recent / current trade of oil has been to say the least.
But worth a look and some consideration, if nothing else, short term heads up.
I curbed / trimmed oil long bias here... published May 13 "Oil retrace probability high, historically #timecycle Notes." Anyway... working on the detailed blog post now - should be important week. FX $USOIL $WTI $CL_F #OIL $UWT $DWT $USO $UCO #OOTT #Oiltrading
Dating back to 2002, 13 of 14 major time cycles on weekly crude oil chart structure seen trend reversal to some extent or another #Oil #OOTT #TimeCycles FX USOIL WTI $CL_F $USO $UWT $DWT
Previous Crude Oil Time Cycle Special Report for Context:
Feature Post: 12 of Last 13 Oil Chart Time-Cycles Have Trend Reversal. $USOIL $WTI $CL_F $USO $UCO $UWT $DWT #OIL #OOTT