Price managed to break from its channel but wasn't able to reach the 54.00 mark. Instead, it went down, targeting 48.00 - 47.80 before we see price soar up again.
We've got a few confluence factors for a short set up here..
Beautiful pin bar off an obvious S/R area, huge psych level of 50.00, stoch overbought.
Entry on a break of the pin bar around 48.60.
SL at 51.05 - above proxy high and 50.00.
TP near S/R area at 40.50. Will be cautious at the 45.00 level too.
Potential return of ~3.3R
CrudeOil has reached all its target as per Previous Forecast. Crude has gone up in what looks like a 3 Wave up move where Wave A = Wave C after which it started to decline and made a bearish candle stick pattern of bearish engulfing pattern. There has been consistent divergence with MACD for the wave C up move indicating that this is perhaps not a 3rd wave rally....
As previously mentioned, Crude Oil has been in a nice uptrend, but has been trading inside that resistance Zone for a long time. Towards the end of this trading week it is failing after trading out of this Zone to the upside. Now Prices are further down again, implying weaker Prices in the coming weeks in Crude Oil.
On May 9, MacroView issued a short idea on AUDUSD and highlighted the strong correlations with copper and gold, which we would see the trifecta fall 2.93 percent, 4.90 percent and 6.68 percent respectively.
We've seen all three etch out bottoms in early June, yet copper is retesting those lows on unexpected increases in inventories. The AUDUSD went big following...
