This is how I see the big picture.
1. From black highlight which is Russian war peak prices, crude fell
2. Took bottom in yellow highlight Around Nov2022. And then formed an year long consolidated base on a sloping support line until it began to take-off from the 2nd yellow highlight.
3. Crude bull run started this June replicated the fall from Russian war peak, the climb was terrific and only correction was in Aug which coincides exactly with price action from war time, look at the light green trendline.
4. Now it has reached the peak of Russian war time price. From here falling towards the light green trendline is a big possibility.
Signs of reversal from top...
1. Neutral weekly candle at the top after such a strong rally.
2. That neutral candle contains within it a Double top formation in daily and 4H TF inside the Red colour raising channel.
3. The formation of 2nd top on 28th sep happened with insufficient retracement with respect to the swing that began on Aug last week. Also the 2nd top formation was very fast.
Insufficient retracement and fast climb are recepie for a rally that will not sustain and fall heads down from top.
We also have a horizontal confluence.
1. From black highlight which is Russian war peak prices, crude fell
2. Took bottom in yellow highlight Around Nov2022. And then formed an year long consolidated base on a sloping support line until it began to take-off from the 2nd yellow highlight.
3. Crude bull run started this June replicated the fall from Russian war peak, the climb was terrific and only correction was in Aug which coincides exactly with price action from war time, look at the light green trendline.
4. Now it has reached the peak of Russian war time price. From here falling towards the light green trendline is a big possibility.
Signs of reversal from top...
1. Neutral weekly candle at the top after such a strong rally.
2. That neutral candle contains within it a Double top formation in daily and 4H TF inside the Red colour raising channel.
3. The formation of 2nd top on 28th sep happened with insufficient retracement with respect to the swing that began on Aug last week. Also the 2nd top formation was very fast.
Insufficient retracement and fast climb are recepie for a rally that will not sustain and fall heads down from top.
We also have a horizontal confluence.