🏄 Oil Builds Bearish Wave 1 and Reversal 🏄

2 min read
Christopher Svorcik

Christopher Svorcik

Forex broker

Hi traders,

The Oil chart seems to have completed 5 bearish waves (purple) within a wave 1 (pink), which could indicate a larger bearish reversal unless price breaks above the top.

USD/JPY

Month


Wave 5 (blue) could already be completed if price breaks above the resistance trend line (red) of the downtrend channel. If price manages to break through support (blue), then a bearish continuation of wave 5 (blue) towards the Fib targets is possible.

Day


Oil is building a potential bearish wave 1 (pink). A bullish retracement could be part of a wave 2 (pink) if price manages to stay below the 100% Fib level. A break above that top invalidates the wave 1-2 pattern.

4 hour


Oil is building a potential wave 4 (purple) as long as price stays below the resistance trend line and bottom of wave 1 (red line). A bearish break below support could indicate a downtrend continuation.

Good trading,
Chris Svorcik
Elite CurrenSea

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ecs.START🎯🎯🎯: Tools, Indicators & Handouts

Our most popular trading tools and wisdom are FREE now. Join and receive a
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*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀