OIL - History Repeats Itself... ⚡️⚡️

In the market we see patterns and price action repeat itself over and over again. This is the very framework of technical analysis - where we forecast future price action based on historical price patterns.

In one of our previous posts, we looked at a very similar price behaviour from EURUSD where we had the same sequence of price action play out almost identically to historic price action. See below:

EURUSD went on to play out exactly how it did previously.

Here we have USOIL making eerily similar price action before. We have the following:
1. Bullish correction
2. Major impulse
3. Minor impulse after a brief retracement
4. Double top... Kinda = The second peak went above the first peak
5. Major Drop

It is possible that we'll see very similar price action now in Phase B and have a major drop just like we did in Phase B.

Trade Idea:
- Watch for price to break the double top and then reverse
- Enter with stops above the highs
- Long term target will be the structure level indicated in the chart (5000pips) but take your positions off gradually

Goodluck and as always, trade safe!

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Be sure to check out the new DXY trade idea - where every move makes sense!

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USOIL - Watching this trendline for confirmation on shorts

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USOIL Update - Price went onto pierce the double top and then reverse... Just as we anticipated! Hope you guys managed to get in!

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Have a look at the new post on USOIL which will blow your mind... it sure did blow mine!