Crude: Uptrend about to expire
Updated
As the title says, there's a confluece of the daily uptrend signal with a 4h uptrend signal.
Both point to the same time for expiration of the bullish momentum.
Since the top I initially called in my other chart (see related ideas), crude fell down in a potentially impulsive manner, implying a resumption of the long term downtrend was at play.
I still think that's the case, and would only be invalidated if my EW count is incorrect, or if there is a move above 62.55 here.
EW matters aside, time at mode points to a turn to the downside soon, and that would imply potentially great opportunities:
Keep an eye on this chart.
Good luck,
Ivan.
Both point to the same time for expiration of the bullish momentum.
Since the top I initially called in my other chart (see related ideas), crude fell down in a potentially impulsive manner, implying a resumption of the long term downtrend was at play.
I still think that's the case, and would only be invalidated if my EW count is incorrect, or if there is a move above 62.55 here.
EW matters aside, time at mode points to a turn to the downside soon, and that would imply potentially great opportunities:
- Short EURUSD and GBPUSD
- Long USDSGD, USDCAD and USDCHF.
Keep an eye on this chart.
Good luck,
Ivan.
Trade closed: target reached
Uptrend expired, mode retested.
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