December 10, 2015

  • Crude oil weekly time frame shows a possible falling wedge pattern. I say possible because the falling support line does not look strong to me. If the falling support line shown in weekly time frame holds the pattern will stay intact. Its a bullish reversal pattern.
  • Month Time frame is yet to show any reversal or bottom formation. Price action suggests price could go down as low as 32 levels before a bounce can happen.
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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore