OIL..... a "V" shape RECOVERY or a longer DIVERGENCE BOTTOM?

FX:USOIL   CFDs on Crude Oil (WTI)
2928 23
I've set the RSI at 60/40 instead of the standard 70/30, by doing so we have a better view of weak price up-strength. As you can see since early 2012 the RSI failed to move above the 60 level along with low levels of Trix , see example of EUR/USD chart posted in commentaries. RSI failed to move any higher and instead trend line support was broken and downside began. The last 3 (A)(B)(C) bottom reversals began with RSI rising above the 40 level and a shorter Trix bar, there was a fake 40 level break at (A) but that produced a reliable positive divergence reversal signal. Due to the nature of this down move I suspect we will get a “V” shape recovery without divergence just like we had at point (C).
Currently price is just above S1 support, if breaks next likely target is about $40.
R1 double Top, likely down to S1 near term
...instead of a "V" shape recovery we got a Divergence recovery
Hello. What do you think about it?

IrinaMuzikina IrinaMuzikina
nmike IrinaMuzikina
yes I agree,.....bearish divergence on weekly, likely to 25% and or trend line short term
If the maximum of 51.91 a new target 21.50. Further correction.
nmike IrinaMuzikina
O.0 wow!....that's going to surprise a lot people, as for me, nothing surprises me : )
...at Key channel / trend line resistance
....too early to say as we are just at the beginning of the week, currently we have a bottom channel Clone HIT, if candle pattern ends like this by end of week it could very well be the bottom
+2 Reply
Clone is back!
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