Without reversal pattern on top WTI long is not dead nor reversed. It chose to continue to the big . Steep rally no. Gentle rally yes. Take retracement as discount for long. This is now the game for investors and medium term traders. Speculators hoping for 0-100mph in 4 secs will be sorely tested.
There may be a mid-line to this channel. Wait and see if it is correctly drawn. Former 52-week high becomes potential resistance. With steep fall shorts are in control. Don't buy because there is a candle. Best to see wash n rinse of support or W shaped line chart before commitment.
Analysis for day traders
With black week continue short. For short term indicators.