The StochRsi is showing divergence.
A three wave correction can (note can) be already in place.
News is coming which might give this pair the necessary impulse in a direction that we need.
Look for the breakout to the downside to start wave v. The alt will be a bigger structure to complete iv
UKoil came down as expected - see Houston we have a problem.
Currently the price is between the 50 EMA and 100 EMA. RSI is below 35 and the StochRsi is showing signs of exhaustion and diversion is coming up.
The target of the Sept /Oct 2015 high is still fresh in the minds of the bulls and they had a day rest so ...
The bulls have worked very hard.
The problem at the moment is that the Sept/Oct 2015 high was 54.29 and 54.03 respectively.
WTI was 50.39. So today the bulls pushed very hard and the WTI level was exceeded BUT Brent did not make it yet. RSI is showing signs of divergence and correlating Forex pairs are tired and ...
We had the DOHA meeting with a nice gap down but prices recovered and exceeded the gap.
Macro: Technically we just above the weekly down channel and in the middle ? of the daily up channel. In my opinion we are therefore in a Consollidation period. The world cannot agree agree on oil prices. OPEC cannot agree. ...
Brent oil completed the 3rd wave in an Uptrend. According to me I believe wave 4 down as correction should be complete. Due to the meeting of today I consider this correction wave to be completed on Friday market close.
BUT due to the NON Agreement on production this will have to be re considered. This whole move ...