Lots going on here on the 4hr chart:-
1. 4HR Divergence, went up too far too quickly, triple top
2. end of 5 wave , a,B,c to follow?, soft bounce likely at 50 fib , but this breaks neckline, so c leg likely down to at least 61.8 retracement (55 dollar) completing the YAZ sequence.
3. Oil nearly always retraces from the first bounce (after a big fall)
Fundamentals
Indices have peaked and retracing, uptrends are broken.
Gold, SIlver likely to complete bullish pattern over next week or two, e.g head and shoulder on Silver
News out from China Was very negative this week
ECB weak , just announced new stimulus package
USA Non Farm Payrolls lowest in over 12 months.
1. 4HR Divergence, went up too far too quickly, triple top
2. end of 5 wave , a,B,c to follow?, soft bounce likely at 50 fib , but this breaks neckline, so c leg likely down to at least 61.8 retracement (55 dollar) completing the YAZ sequence.
3. Oil nearly always retraces from the first bounce (after a big fall)
Fundamentals
Indices have peaked and retracing, uptrends are broken.
Gold, SIlver likely to complete bullish pattern over next week or two, e.g head and shoulder on Silver
News out from China Was very negative this week
ECB weak , just announced new stimulus package
USA Non Farm Payrolls lowest in over 12 months.
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www.tradingview.com/chart/8sOSYTHv/