Price broke the previous swing low, indicating bullish momentum has been upset. We are looking at more bearish momentum.
Correlation
1. USOIL, price has retraced but to the old highs
2. Dollar index is bearish
Confirmation
1. Price was bearish in London session.
2. Price is retracing pre-NY.
3. Entry is at 70.5 retracement
4. Range has been defined as the swing high and low of London session.
Expectation
1. Price to expand below the low of London session
Correlation
1. USOIL, price has retraced but to the old highs
2. Dollar index is bearish
Confirmation
1. Price was bearish in London session.
2. Price is retracing pre-NY.
3. Entry is at 70.5 retracement
4. Range has been defined as the swing high and low of London session.
Expectation
1. Price to expand below the low of London session