Into April and USOIL just printed the worst monthly candle on the entire chart - a very long wicked shooting star showing heavy sell pressure coming in from the top.
Also 3M has closed to print the shooting star also.
Now the question is what type of bear market comes after the worst topping candle ever? - probably quite a deep one.
RSI touching the upper band and looking back to previous bear markets it would seem likely that it will touch the lower band or at least get near before this is done.
I expect USOIL to get back to previous lows of $33 - $26 or perhaps even lower. If this impulse from the lows is a connective wave and there is another lower channel trendline touch then it would go sub $20.
Another publisher here @NoOneWhoIsSomeone has made a very interesting thread highlighting how "significant deviation from the trend paired with high Oil prices has triggered a Recession."
Also DB Commodity Index appears to be painting a similar picture.
Worst monthly candle ever also for GOLD.
And indexes such as SPX printing a 3M hanging man candle - on the brink of collapse.
It could get wild soon.
Not advice.
Also 3M has closed to print the shooting star also.
Now the question is what type of bear market comes after the worst topping candle ever? - probably quite a deep one.
RSI touching the upper band and looking back to previous bear markets it would seem likely that it will touch the lower band or at least get near before this is done.
I expect USOIL to get back to previous lows of $33 - $26 or perhaps even lower. If this impulse from the lows is a connective wave and there is another lower channel trendline touch then it would go sub $20.
Another publisher here @NoOneWhoIsSomeone has made a very interesting thread highlighting how "significant deviation from the trend paired with high Oil prices has triggered a Recession."
Also DB Commodity Index appears to be painting a similar picture.
Worst monthly candle ever also for GOLD.
And indexes such as SPX printing a 3M hanging man candle - on the brink of collapse.
It could get wild soon.
Not advice.
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The initial bull market lasted almost 10 years and there is a strong upward structure as the gradient gradually increased over years.
From 2008 I suggest that the entire history has been a bear market until this explosive recent bullish phase from "Pandemic" lows.
Until that point all downside moves have been fast and impulsive whereas upside moves have been slow and corrective.
This recent bull phase is much more sudden than the steady growth of the 10 year bull market and for that reason should be quite unstable. I think it signals that it is a connective wave and if correct would mean another bear market probably at least equidistant in length will follow. Its a very long way off but it could be something like this.