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Potential Oil Bottom

Published 07/30/2015, 01:13 AM
Updated 07/09/2023, 06:31 AM

Potential Oil Inverse H&S (Orange Neckline) - a Megaphone Right Shoulder Could Result in a Lower Low (Purple Scenario)

Potential Oil Inverse H&S (Orange Neckline) – a Megaphone Right Shoulder Could Result in a Lower Low (Purple Scenario)

Oil has put in a potential inverse H&S right where it should after a fast move down a price channel (gray on chart).

It’s working on the right shoulder now. If the right shoulder turns into a megaphone (purple scenario), there’s a good chance of a lower low to make the head of a larger inverse H&S formation.

Minimum Target would be VWAP of Megaphone at Roughly 55 - Probable Target is Megaphone Top

Minimum Target would be VWAP of Megaphone at Roughly 55 – Probable Target is Megaphone Top

The minimum target for an upward breakout from the inverse H&S would be the VWAP of oil’s bottoming megaphone (gray on chart) at roughly 55. The probable target is the megaphone top at roughly 70.

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you're SOOO good at calling bottoms and tops Moe! But no one keeps track of how exactly how bad you are. lol.
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