WTI OIL Head and Shoulders within A Channel Up.

WTI Oil (USOIL) eventually formed the Channel Up we projected on our most recent (see chart below) analysis 2 weeks ago:

As the price is below both the 4H MA200 (orange trend-line) and the 4H MA50 (blue trend-line), we spot the completion of the Right Shoulder of a Head and Shoulders (H&S) pattern inside that Channel. We will not short however before the price closes a 4H candle below the bottom (Higher Lows trend-line) of the Channel Up. Technically the H&S targets the 2.0 Fibonacci extension (75.00) but for the time being, we will settle for a 79.00 target, which will be marginally above the 1W MA50 (red trend-line) and 1.5 Fibonacci extension.

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