Oil hit the 1.414 fib on the chart which is 59.30.
It made a low of 59.29 - talk about accuracy.
I'd observe the price action carefully before entering a long position in the coming week but there is a high chance it'll retrace back to the 64.5 mark.
Crossing up GREEN with notable volume = LONG
Bouncing off RED (failed breakout to the upside) = SHORT
Crossing down RED with notable volume = SHORT
Bouncing off RED (failed breakout to the downside) = LONG
I've been thinking the markets are overvalued for a while, let's say for the last 2 years.
Charting on a log graph tells me otherwise.
Past 2 years were definitely within the channel however now the US equity market is entering the bubble territory for sure.
It's interesting to note that Trump thinks the markets are overvalued - I believe it's something he said...