It seems that, after consolidating in an "abc" formation in the shape of an expanding flat, crude oil (TVC:USOIL) is breaking a minor trend and going for the downside. Expected target of this small however interesting movement and trading opportunity is in the 58.5 - 58 area. If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button. Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down). Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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Different corrective patter, still a sell:
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errata corrige: "different corrective pattern"
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Sell setup never happened, and price broke small downtrend. Revised our analysis. On the 4hr timeframe, we are now looking at the price to break previous top and then come down to complete a running flat type pattern for more upside:
are you still looking for a strong downside move on eurcad and gbpcad as in your previous posts ? ... if at the same time you are bearish on oil !?
TradingClear
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@lapin_eliott, thank you for your comment. In fact, all CAD pairs are short for us, and we are not "bearish on oil", as oil is just in a sideways correction really. In any case, we revised our analysis as per above. We still believe that in the 4hr timeframe very short term WTI has one more small leg to the downside to complete what we are now seeing as a running flat type pattern, before resuming the daily uptrend, as per the above chart.