Normally HS Reversals are basing patterns and they form at the bottom of downtrends, not generally in trend midstream. But these are not normal markets ...
... just my 2c worth
Muzoeph
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@Oh_If_Only, if you look at the slanting neckline from the left shoulder you'll see that the right side has already broken through, n' prices will drop based on the retest then shoot up again.. from my own understanding of this chart..
No I do not believe this to be a valid HS Rev pattern. It has shaped mid range but normally HS is at range extrema.
In fact it looks more like an upside breakout of a down trend.
Also neckline should touch top (of body bars) 23-24 May @ $51.45 and then slope down.
Also don't forget to start using CL1 - an actual futures chart. After all that is what u r trading - not continuous and there is a difference.
Also read my oil notes re the hedge funds out 2 x weeks from expiry. On my second last post I think.
... just my 2c worth
Normally HS Reversals are basing patterns and they form at the bottom of downtrends, not generally in trend midstream. But these are not normal markets ...
... just my 2c worth