What does it mean ?
( pattern) In , a is interpreted as a type of reversal pattern presaging a falling price. The looks exactly the same as the , but instead of being found in a downtrend it is found in an uptrend and thus has different implications.
On a , Oil has printed a usually signaling a auction on the session. What’s interesting is the has rejected .236 support now reversing as resistance (Fib-tool). The overall structure from the April’16 timeframe is called a bump and reversal top. At some point the bump will fail leading to a reversal, or in another words pierce the red ascending demand line . Current position is a lead-in phase that could either bump from here or could signal the reversal. Nevertheless, a major move in oil is pending and today’s closing print of the auction is not healthy.