KyleMcQuade
Short

U.S. Oil - Bearish Shark

OANDA:WTICOUSD   West Texas Oil
Hey guys, here we have another bearish shark on our hands.
Similarly to the GBP/USD trade, the daily chart has found resistance and is re-testing in the form of a double top . Within the re-test we can find a bearish shark formation. Price has already hit our D point but I am now monitoring the 4 hour and 1 hour charts for an entry.

I'm currently simultaneously monitoring U.S. Oil and the Canadian Dollar . The value of the Canadian Dollar relies heavily upon the value of oil since this is their main export, so should the value of oil drop , the CAD more often than not follows suit. There's currently a potential bullish 3-drives on the USD/CAD (see below) which, indicating a weaker Canadian Dollar , would compliment this setup on Oil . Another idea containing full analysis will be posted for the 3-drives .

Shark ratios are as follows:

C = 1.13-1.618
D = 1.618-2.24
X to D = 0.886-1.13
Comment: Here is a glance at the USD/CAD potential set up. A drop in price would also indicate a weakening Canadian Dollar! I would be looking at price reversing at round the 0.786 retracement level.

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