Crude is at an interesting juncture. First, 61.8 fibo retracement from 2016 low. Then, volume, if any good on TradingView, has been increasing on down price in October and November. But the last week decline in price has been accompanied by low volume. Exhaustion ? Finally, it's not clear if the decline is a five wave pattern, but one thing for sure is that most of the time triangle pattern occur just before the final move. This week, we had the leg down that followed the triangle.
Agreed. If the area around 61.8% retrace holds up it is a good sign for oil. See my idea.
danrindia
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Hey thanks for sharing idea. Nice explanation about different things combined and I have also marked two things common in your chart with mine. 1. Triangle story I was also looking for this and yes the divergence is big thing for me. If you dont mind refer to the July 2012 we have something very similar. :)
SebMartel
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@danrindia, I just updated my post for the positive divergence that I forgot to write about, even though I draw it. In July2012, we did indded had a positive divergence and a final push following a triangle pattern.