Crude oil 4h once again sell setup.
Updated
We may get a double top before falling down bcos there will be a pullback to liquidate bearish momentum.
Downside target 53.23 and 52.
Reason: Confluence
1. Rsi fourth consecutive touch on the upper trendline suggesting a downfall.
2. price confirmation at 57.13 three falling methods and touched the upper trendline.
3. price reached at 0.618 and 0.50 fib level. fib is drawn from 60.70 high to down 51.
Downside target 53.23 and 52.
Reason: Confluence
1. Rsi fourth consecutive touch on the upper trendline suggesting a downfall.
2. price confirmation at 57.13 three falling methods and touched the upper trendline.
3. price reached at 0.618 and 0.50 fib level. fib is drawn from 60.70 high to down 51.
Comment
Shorters don't worry. we will get the price 53.23 as anticipated bcos there's still no big buying happening in the process of this peak consolidation although there's a strong support area as demand and it will be ignored when price starts to dip in.
the following herd will be butchered as basically happens most of the times.
I'll keep updating untill price tells new story or reaches to our price target.
Thanks!
missing point throughout this analysis is that there was pullback as expected, it happens because when price reaches to at extreme level professional players ignores time and price space.
Comment
Update: strong sentiment
there's a potential inverse H&S including a falling wedge on the RSI and a triange on the price itself.
if break out happens to the upside then there will be at least target 60 again. according to this idea change in position is necessary.
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