Oil Topping Pattern
Updated
Oil is likely in a broadening pennant topping pattern. But it does NOT look complete. I believe it will hit $93.23 there abouts
before turning down strongly and for the foreseeable future. The plan is simple wait for price to hit upper blue line. Sell!
before turning down strongly and for the foreseeable future. The plan is simple wait for price to hit upper blue line. Sell!
Note
This rally is likely over and we will not reach said target.Note
Well it still looks to aim for 93.23, Will give this room like the SnP and wait for it.If we are keeping score that is TWO BIG WEEKLY DOJIS now. Caution here. Oil is not something special even though it thinks it is. It did the same thing in 08 while the rest of the markets tumbled, oil moved to $149. It seems that in 14 years it has learned very little.
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