OIL - At the edge of breakdown

FX:USOIL   原油差价合约(WTI)
13776 137
The traders at the sideline got one more opportunity yesterday and today as the dip buyers pulled up price one more time.

2 days ago we printed a key reversal on the daily chart : new high and on the same day a close below yesterday's low. Actually we not just closed below the 30th Dec low but we took out 5 days' lows. So this is a strong key reversal. The daily chart for the traders who are not following cycles looks like a test of the breakout. But it will not just test 51.72$, it will break below that level soon.

Notice the key reversal's volume: this is the biggest volume in the last half year. No question: big players sold their positions in the breakout and the small guys bought the exact top.
The same story again....
The more time we spend here around 53$ the steeper the drop will be.

We still have the divergencies in the RSI and MACD and RSI left the overbought territory.
When we bottom the 7 day RSI will reach oversold territory. And I think it will be deep in the oversold...
The other good news that MACD crossed over.

I'm looking for a 10$ drop here in oil in the following 4-5 weeks.

Get ready : this decline coming to your chart near you soon.
评论: Key reversal covering 5days' top and low:
评论: I want to share a few thoughts with you. I know it's frustrating to wait for this breakdown while everybody is so bullish.
Just take a look at this chart:
评论: All the bulls who bought the breakout at 52 at the beginning of December (!!!) are in 1$ plus right now. Time is on the short side now. The breakout had no follow through for more than a month...
It will be a steep drop to the ICL.
评论: WE are just testing back the double top's neckline.
评论: It's still short. Nothing changed. We are not in a panic selling so don't wait for 2$ down days day after day in a row for a week
评论: I'm adding to my short positions today.
Yesterday's "big pop" was less than half volume of the key reversal.
评论: It could be our big down day in oil...
Both MACD and TSI wasn't able to break above the 0 level, and they are crossing down.
RSI couldn't stay overbought and heading to oversold.
Bulls will lose patience if we break below the 50 EMA (50.72$)
评论: ANd we just turned down from the 4hrs chart's down trendline...
评论: Godot might have arrived....
评论: OIL US FEB 2017 CFD just run out.
评论: Fasten your seat belts. It's startiiiiiiiing....
评论: I'M still holding the shorts. Let's wait for the close.
Volume is low.
评论: Today is the day when we make everything great again.
Oil can't be exception.
评论: Sooner or later it will break down. Mostly it happens when it looks it wants to break up.
评论: They've run the stops above 53,50$.
Sorry, but now i think usoil will upp to 55$ or more after days or week zik zak as last week.
I'm full position short with oil for a few days now. For any of you that also read, I thought he did a nice comparison to the 2015 oil tops that took a while to correct. My only thought is the longer it hangs up here, the higher the 200MA is going to be, so the shorter the drop....
good luck Arpi! Seriously I just feel you are holding long positions;)
shinsky ewtrder
@ewtrder, when i see someone post something like this, i know we're good on the short ;)
Josef2016 ewtrder
@ewtrder, This is possible.It can be risky to be sure for big short.
Slow, but surely
Hi there - what's your view after the weekend?
My Elliott Wave analysis (which may or may not be accurate) still suggests a significant drop on the way. But it seems to be a long time coming (!)
I think,soon(next week) oil will strart go down seriosly.
Josef2016 Josef2016
@Josef2016, Maybe down around 40$.Check at deep RSI 7.
Josef2016 Josef2016
@Josef2016, Sorry,now i am not for short.I think usoil som days or weeks more it will zik zak same last weeks and then will up to 55$ or maybe more before falling down to 47$.
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