Oil has been in a very strong uptrend and recently hit all time high prices, since doing so the market has finally broke below the daily uptrend with a strong bearish impulse followed by a correction to form this new lower high lower low formation, also forming this big head and shoulders on the daily timeframe at a strong level of monthly suply. I am expecting the continuation to the downside. We will be waiting on the 4hr timeframe for entry confrimation before possibly taking a short if all rules are satisfied on the 4hr.
Oil has been in a very strong uptrend and recently hit all time high prices, since doing so the market has finally broke below the daily uptrend with a strong bearish impulse followed by a correction to form this new lower high lower low formation, also forming this big head and shoulders on the daily timeframe at a strong level of monthly suply. I am expecting the continuation to the downside. We will be waiting on the 4hr timeframe for entry confrimation before possibly taking a short if all rules are satisfied on the 4hr.