consolidation taking place between lower parallel and median line and price has even difficulty reaching the median line. So very weak price action going on. The indicators have catched up. Below 17.4 is a sell signal
Decision point is coming. We are going to decline hard or to rally hard. For declines: watch the sliding blue parallel. It has to stay above it. For a rally: watch the red upper parallel of the downsloper
some linework on the 4hour chart of oil:
odds for a reversal at the median line of the red downsloper are higher because recently break of lower parallel of upsloper.
if price breaks sliding parallel of upsloper then uptrend in jeopardy.
grey: is the downsloper
blue: is the upsloper
recently move above upper parallel of upsloper and for the bears to stay somewhat in control it has to stay below 10330 with the NFP rapport
Price from 39 to 35 and moving from upper parallel of upsloper (blue/red) to lower parallel and now a move above yellow upper parallel of downsloper: Odds for higher prices are increasing.
Price in red/black upsloper reversed course after touching median line and price reversed direction at the upper parallel of the downsloper. Price must hold lower parallel of upsloper and move above upper parallel of downsloper is a buy.
