This analysis is in correlation to the UCAD short I posted below.
I see oil retesting the $58-$60 zone then heading back down over the last 2 quarters of the year to retest the $51.64 level then continue to test $48.11 area.
There is a possibility of Oil retesting the $66.58 area before the drop as...
Looking to sell UCAD at the 127 and 161 Daily fib levels. Blue and red arrows show the possibilities. UCAD is moving in correlation with US Oil to a retest of $58-$60/barrel. I see oil heading back down over the last 2 quarters of the year to retest the $51.64 level then continue to test $48.11...
Update to this Idea:
After re analyzing Gold, I see a possibility of it making a new high. I see several places for pull back opportunities.
1463.26 area (1st red line)
1485.77 area (1st orange line)
1515.24 area (2nd orange line)
1545.83 area (2nd red line)
1580.00 area (upper red zone)
Looking for a retest of the upper zone to complete a triple top formation.
2nd possibility is a support break next, then retest as resistance for a short.
Either way, I'm short gold for the short term.