Oil is perhaps building a scale invariance pattern .
On the left, the daily chart starting to form an inverted H&S lying on the 200 DMA, the neckline of which is approximatively the 20 DMA.
On the right, is the 5 min. chart, presently showing the second shoulder which is itself an inverted H&S, the neckline of which is approximatively the 200x5 min. MA.
WARNING: The pattern is not yet confirmed, it will be over $100/bl
Scale invariance is a typical feature of non-linear systems.
On the left, the daily chart starting to form an inverted H&S lying on the 200 DMA, the neckline of which is approximatively the 20 DMA.
On the right, is the 5 min. chart, presently showing the second shoulder which is itself an inverted H&S, the neckline of which is approximatively the 200x5 min. MA.
WARNING: The pattern is not yet confirmed, it will be over $100/bl
Scale invariance is a typical feature of non-linear systems.
The larger inverted H&S stays in play