Some thinking on WTI
Modified Schiff Pitchfork (red) off 2008 high with pivots on 2009 low and 2013 high
One option is the upper parallel holds then price moves back down.
A second option [A] is that price breaks through upper parallel to test the 2021 R1 pivot. Off this test, price could return to test the break of the red upper parallel (possibly the R2 camarilla pivot for 2021) to set up a drive to the untested vol POC from 2014 drop.
Tracking the volume areas of the past 7 years (pink regions) shows that the 2014 region was tested once from underneath at the 2018 high. This bottom of this vol area aligns with the 2021 R1 pivot noted above and could provide additional factor to resistance at this level.
An upsloping PF (blue) was added off the 2020 low and the top that was selected in 2013. Using the placement of this PF and aligning to above scenario, price could spike through the upsloping median line and then pull back to test it.
- From 2013 through 2020, the median line has provided support for 2 large areas of tests
- With hard rejection off line in 2020, price now moving back to upper parallel
One option is the upper parallel holds then price moves back down.
A second option [A] is that price breaks through upper parallel to test the 2021 R1 pivot. Off this test, price could return to test the break of the red upper parallel (possibly the R2 camarilla pivot for 2021) to set up a drive to the untested vol POC from 2014 drop.
Tracking the volume areas of the past 7 years (pink regions) shows that the 2014 region was tested once from underneath at the 2018 high. This bottom of this vol area aligns with the 2021 R1 pivot noted above and could provide additional factor to resistance at this level.
An upsloping PF (blue) was added off the 2020 low and the top that was selected in 2013. Using the placement of this PF and aligning to above scenario, price could spike through the upsloping median line and then pull back to test it.
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