DanielDirlam
Long

XOI Head and Shoulders pattern

INDEX:XOI   Oil Index
2 0 0
  • The head is at 1717.16
    The base is at 1409.61
    The left shoulder is actually a double shoulder beginning in late 2013 and breaks upward to form the head on 1/27/14.
    The right shoulder begins 0n 10/13/14 and breaks through the baseline on 11/17 14.
    Notice that the right shoulder is smaller than the left, indicating to me that this is probably a Head and Shoulders pattern.
    Notice the double return move to the baseline on 2/9/15 and again on 4/27/14 .

    This predicts a correction to 1102.06

    1717.16 - 1409.61 = 307.55
    1409.61- 307.55 = 1102.06
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