USOIL Trading Tip: Take a look at the 6 confluences for this strong bullish trend: - Giant W-shaped pattern that formed a Double Bottom; - Tweezers Bottom that created a Resistance Line; - Bulls bouncing up from the S&R Zone; - Triple Inside Day that foretold that a very BIG move coming; - Bullish Pressure Zone; - And, Ascending Triangle formed by the Bullish and Bearish Trendlines (in red and green dotted lines).
USOIL If you think this is a crazy bullish pump, did you see the S&P 500 and Nasdaq take a nose dive to the Center of the Earth?
During this past week, from last Wednesday until Friday, the S&P-500 Index lost $100 BILLION per Trading HOUR! The total Trading Hour Loss was Two TRILLION Dollars!
Then, after the market closed on Friday, S&P-500 futures erased another $120 BILLION within minutes.
And, if you look at the Dow, it dropped 1,000+ points, from Thursday until today: tradingview.com/x/SDRzYi1v/
USOIL Back to the Hourly that is in Bullish Market Bias. A retrace is coming, which can be anywhere between 70.67 or with a deeper retracement to around 69.82 (based on Mean Reversion).
The bullish rally can continue after the retrace because two Swing Highs had been breached earlier, reinforcing the Bullish Market Bias. Also, the Ascending Triangle formed from two trendlines on both the Hourly and 4-Hour encourages a bullish trend.