#oil bearish outlook
It seems like the price has formed a 5-wave bullish impulsive move and could now begin its bearish move.
For the bearish move to be confirmed, we need to see the price breaking below the bullish channel line and also closing below the VWAP.
Bearish confirmations:
Bearish divergence in the 4H timeframe.
Completion of the 5-wave bullish impulsive move.
Momentum oscillator in overbought (OB) territory.
If you’ve found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
For the bearish move to be confirmed, we need to see the price breaking below the bullish channel line and also closing below the VWAP.
Bearish confirmations:
Bearish divergence in the 4H timeframe.
Completion of the 5-wave bullish impulsive move.
Momentum oscillator in overbought (OB) territory.
If you’ve found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Note
Have you seen this beautiful Elliott wave analysis???
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.