H1 paints the portrait of a redistribution currently in SOW stage, Markdown phase. It should be the Break the ice are (potential down to 61,8x) and hence a slight retrace would be due - I would expect 64,5x , followed by what Wyckoff calls the Effect - the Price Mark Down, phase E, potentially taking oil $55. Yes, its not a typo. Iran news seem to be priced in, as the Saudi revelations.
Note
Tgt achieved, trade closed.
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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.