As i mentioned before in my post - we're waiting for OIL shorts. So now we have:
1) Huge false break out on DAily of S/R level.
2) False breakout of 61.8 FIBO zone.
3) Short candlesticks formation on DAILY.
4) Engulfing DAILY candle
5) Close lower previous HL (higher low)
6) Break of DAILY trend line
7) MAssive volume over $65 zone
WE are potentially creating the 3rd TOP after the big bullish rally. Need some gasoline here to go further.
1) Strong resistance level here
2) 3rd TOP
3) Fibo goals are done from the upside movement
4) Potentially done with the correction 2nd leg after the big short impulse
Global trend: short
H&S formation; broke the neckline
Price under heavy MA’s
Clear broke to the downside with the retest of the previous resistance level.
Good r/r ratio.
Oil prices gonna go lower - CAD we’re expecting to be super weak
We just saw the false breakout of $71 price level. Now we're drawing right shoulder and there is a huge chance to see the big short movement here. Good risk/reward ratio.
1) Clear false break of the price level
2)Global trend: SHORT
4)FIBO 61.8 from previous monthly downside movent
5) Price reached all the fibo goals from the local uptrend
So we're currently in a huge downtrend om monthly chart.
Before we saw the impulsive downside movement from $76 to $42.
-Now we're testing $64 resistance zone, which is also 61.8 FIBO level from previous downside movement.
-So the structure is simple and clear here. Will be waiting for the continuation of that big moment up to $51-52, and $42 after that. And we...