The arrow in the chart represent potential direction of CL in coming week and will reach a fork in the road. If break mid channel, it will descent towards lower channel of 58$ area; and if instead bounce nicely, it will continue to find the upper channel and make higher high and reach 61$ area
htf demand zone is fresh, strong leg out, not fresh but penetration was less than 25% therefore take a confirmation trade when price comes back to zone. Sell at opposing supply zone before price reaches area
Seemingly oil has completed a five-wave sequence. The structure seems odd, but overall this scenario seems to have some weight given the closing of the week where bulls decided to take profit. I expect that next week starts off red before another bullish leg. It makes sense to look for fading setups in the lower timeframes.