Indicator: 9 Seasons Rainbow Multi TimeFrames Pattern
Signals: 2 Yellow Ribbons
Context: Light Red
Entry @ 35.6
SL-1 @ 36.01
T1 @ 34.51
SL-2 @ 37.21
T2 @ 32.81
Manual Stop Conditions:
If upper ribbons become Green with strong price moving up.
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as i mentioned before . oil is at the beginning of a long term rally ....
as i see wave 1 if this rally has began and we are about to reach the wave 2 . after the correction phase , it can be a bottom Head and shoulder pattern with the 70-80$ target .
As expected, price is retesting our previous resistance in red.
Price didn't break below our double top neckline, so we didn't sell.
then price broke above our upper blue trendline objectively, and we will keep holding our buy until as long as price is trading above our orange trendline. (or until an objective sell setup is activated)
This is comprehensive look towards crude oil after achieving its bullish cycle far back July 2008 and since then Price seems to trapped in falling wedge formation.
The whole idea is to buy and hold at demand zone and aim to sell at supply zone, I will prefer to go with swing here.
Kindly go through the chart and do leave us your comments to let us know how you...
Oil slump is not only a Covid issue, but a long term bias caused by many historic fundamentals.
Since long ago we are accustomed in seeing big movements down with the same percentage of fall like the recent one.
So was this a move to buy or a definitive bearish setup?
The last part of the crash was evidently an excess of panic and so it has been recovered at a...