Dragon Head Pattern in Oil!! #OOTT
Oil has topped out at $116, before retracing to $106. This is 1000 tick spread which is formidable, even for oil. But that is to be expected with this rally of historic proportions. We appear to be forming a possible dragon head pattern, and are currently exhibiting volatility between $106, and $110. The Kovach OBV has been meteoric lately, but has since arched over with the pull back. we don't have any reason to expect much of a retracement, but there is a vacuum zone below to $100. We must first break $116 before considering our next profit target of $122.
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