I believe the market will have one last push into this target zone before a sharp reversal develops and the bears take us down towards the $38 mark.
I will look to enter short in the target zone with stops just above 44.86. So we're looking at 110 - 150 pips risk, for profit targets of 535 - 575 pips.
candles on the 2hr chart within the target box, followed by a sell signal for the ultimate confidence booster would be my expectation.
If we see the market follow this script and hit $38... this could present us with the buying opportunity to jump onto the next 6+ month bull run.
If you see these conditions and bearish candles develop, this could create a good reversal set up. The last thing I would look out for would be a MACD cross, where it crosses it's moving average. But in the case of this chart, the cross happened before the divergence and bearish candles formed.
I tend to find the crosses are the least reliable thing about the indicator, so personally I focus on spotting divergence.