WTI Trading Tip: On the Hourly chart that is in Bearish Market Bias, the Bearish and Bullish Trendlines (in red and green dotted lines) formed a natural channel. I thought I'd add an equidistant 2nd one from the first channel trend line and labelled it a 200% channel (shown as a purple dotted line).
By doing this double channel that's ambitious, I am trying a take profit projection to the downside. It's really best to try this Channel Expansion technique with narrow and/or shallow channels for target objectives.
WTI As an end of the session move on the 4-Hour timeframe, you can see that price action has consolidated for the last 32 hours. Based on this and the Double Inside Day, a very BIG move is still coming.
The candles have been rotating tightly around a S&R Zone and within a tall Inside Day pattern for an eventual breakout from either the pattern's high (at 69.145) or low (at 68.1555).
The final bullish candle for today's session was a Gravestone Doji, which is a top reversal pattern for the bears to eventually drop down from the Zone.