Using angles of past trend and analysis of all gravestone doji since 2008, expecting oil to go to 57 by end of the week and make it to 50$ next week. I used a 47 degree angle to make possible red channel, it could be a 60 degree channel and more aggresive move on oil, due to perfect doji.
Possible targets: tp1: 57 tp2: 54 tp3: 52 tp4: 50
tp1, tp2 expected to hit by end of the week. tp3, tp4 expected to be hit by end of next week.
This trend is canceled if oil stays above trendline tomorrow and stays above 60$ this week.
Update:
Oil fell down as expected, the retrace of the bearish trend will happen when it breaks up of the red channel.
The short mauve channel is the one where oil price will be in the next 2 weeks. It can go to 52, and from there, we don't know.
The bearish move was likely started by big HF/banks, due to the strength of the push. They will likely take profit either to 52 or lower.
The end of bearish oil will be signaled by strong upmove, which will happen most likely when oil is below 52.
Oil fell down as expected, the retrace of the bearish trend will happen when it breaks up of the red channel.
The short mauve channel is the one where oil price will be in the next 2 weeks. It can go to 52, and from there, we don't know.
The bearish move was likely started by big HF/banks, due to the strength of the push. They will likely take profit either to 52 or lower.
The end of bearish oil will be signaled by strong upmove, which will happen most likely when oil is below 52.