Top Reached on US OIL
Following my previous Idea of the big bearish Harmonic Cypher on US OIL, we continue.
#Price action Analysis
If we analyze price action, we can see on USO on left, on green boxes on before days you needed 20m shares to move the price about 4% up. Yesterday, USO traded 30m shares to move the price nowhere, Wyckoff simple offer/demand, if you push a rock 4%, and later you needed a lot more force to move the same rock 0%, means that someone is pushing the rock from the other side really hard right? The same happens here. Offer/Demand.
On the right we have a candlestick pattern where the red candle takes over the green one from yesterday, that's a reversal pattern.
#Long price term Analysis
if you followed my before days chart, I put a bearish Cypher with a target near this area, we come from 0 from Covid FUD to 126 without a major correction, not a simple .386 Fibonacci retracement at all.
I think if you jumped to oil just because everyone is buying, you will get rekt probably, I expect a .386 retracement to 100-80s at least, in the following weeks/months.
What will happen next?
I think after the pullback to 80-100s this might continue to test an ATH break maybe, I am not sure, but a correction is more than needed at these prices at this point on the trend.
#Price action Analysis
If we analyze price action, we can see on USO on left, on green boxes on before days you needed 20m shares to move the price about 4% up. Yesterday, USO traded 30m shares to move the price nowhere, Wyckoff simple offer/demand, if you push a rock 4%, and later you needed a lot more force to move the same rock 0%, means that someone is pushing the rock from the other side really hard right? The same happens here. Offer/Demand.
On the right we have a candlestick pattern where the red candle takes over the green one from yesterday, that's a reversal pattern.
#Long price term Analysis
if you followed my before days chart, I put a bearish Cypher with a target near this area, we come from 0 from Covid FUD to 126 without a major correction, not a simple .386 Fibonacci retracement at all.
I think if you jumped to oil just because everyone is buying, you will get rekt probably, I expect a .386 retracement to 100-80s at least, in the following weeks/months.
What will happen next?
I think after the pullback to 80-100s this might continue to test an ATH break maybe, I am not sure, but a correction is more than needed at these prices at this point on the trend.
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