Follow the Yellow Brick Road
Updated
Have been waiting for a confirmation of trend reversal after rally on 21.01.2016. As supply glut continues to grow, there is no reason for a resurgence in oil prices yet.
Technically,
1. Rising blue wedge was broken,
2. Rejection from .764 line to confirm H&S.
3. Upper Yellow line now serving as resistance for downward wedge.
End of corrective wave C on Daily TF, down one more wave series to retest lows before true reversal.
Technically,
1. Rising blue wedge was broken,
2. Rejection from .764 line to confirm H&S.
3. Upper Yellow line now serving as resistance for downward wedge.
End of corrective wave C on Daily TF, down one more wave series to retest lows before true reversal.
Note
Move SL to BE, continue to monitorTrade closed manually
Broke green line, new low, and out!
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