closed shorts, monitoring bullish 3 drives pattern on oil
bullish 3 drives pattern setting up on oil target $61.81 closed shorts. Would like to get an entry around $59.90ish or $60.02
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15min triangle I referenced on 2hr time frame
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there will be a push to breach the neckline on oil Head and shoulders pattern which is $59.50. However, the .236 fib level is also there at $59.42
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I'm anticipating a push down on the 2hr time period to test and temp. breach the neckline which is around $59.50, however in the above chart the .236 is also near at $59.42. From there I expect a re-test of the Pivot Point, then follow by another Downtrend. Basically a Giant desc. Triangle
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Will look to stay short on oil, if the AD breaks the green Dotted line or if price action breaks purple dotted line
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The AD doesn't run on TV daily or weekly charts. However it is visible on the QM's crude oil mini futures.
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bearish divergence AD doesnt match up w/ price action
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currently waiting to see if the handle fails, likely retest of .618 fib, break of that invalidates the handle, and will set off a test of the bearish head and shoulders pattern imho.
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overbought in a lot of lower time frames
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downward projectory for today expected downward projector to continue
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at least what im anticipating before going long
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I can count waves too, notice the above pattern didnt have the wave count on the chart before it was posted
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looks like a 15min bear flag is forming
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Added short here at $61.80
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bearish divergence oon 3min, AD not matching that ascending triangle
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