WTI Weekly
Oil is testing an important double bottom and 50 fib that coincide at 75.00, there are likely a large number of stops sitting below this level. I would expect these stops to be targeted in the days ahead as this market continues to trade with a heavy tone.
WTI H4
The smart money has been selling on 1:1 (Yellow) rallies over the past few months, with the selling picking up after the downside of the triangle outlined in the weekly chart above broke several weeks back. As long as the market does not overbalance the prior 1:1 (Yellow) correction of 50 ticks the down trend will remain intact and lower prices are still on the cards.
- A 1:1 refers to a current correction being equal in length to a prior correction
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