I believe we are in for a bit of a correction on the lower time frame. Price may fall to the 1.27 or even the 1.16 extension.
I will be looking for a break of the 1 hr trend line (purple) followed by a small correction (3-5 x 15 minute sideways).
See attached chart for my breakout procedure.
If price moves too far away from the 1 hour TL before correcting I would...
Crude did not roll over and die after breaking the uptrend. A BIG emotional candle after a disappointing eia report broke the trendline dating back to january, but what puzzles me is why it did not break down further after the retest of that line from the back.
Maybe they are anticipating the BIG DRAW eia report on wednesday and therefore hesitant? Or is this...
