Price in crude oil
is moving in a downtrend in the 60min chart, into a descending channel
. What we may see here is that after being rejected from the upper sliding parallel of the set, the price dropped sharply into an impulsive move and since then it's been into a correction. Once again price was rejected at the upper sliding parallel, and it's now moving to the down, and very soon it will test the lower parallel of the rising channel
(flag). In case it breaks below the flag, wait for a smaller correction and sell the market trying to catch the next impulse to the down. A nice level to aim is the lower sliding parallel of the median line
, as shown in the chart.