I'm starting to see a possible H&S on the 4H time frame. Emphasis on the word "POSSIBLE". I entered a short at 46.15 yesterday thinking it would start to descend to the lows of 43 but 46.15 became the new support level but it failed to pass the 48 level which is acting as a possible peak for the second shoulder. Still holding my short from 46.15, I'm waiting till the price hits 46.8 again in a day or two till the second shoulder is complete. When factoring the London lockdown, mutations of COVID, and limitations with aviation, I can only see the FED reserve and the vaccine doing only so much to the OIL price and I am expecting it to drop around the 43 dollar mark.
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Please LIKE/comment if you support the idea or leave a comment if you disagree. Feedback is always appreciated!