What do you think of this fractal on the 1W time-frame? The price action since mid 2020 resembles that from early 2017 to mid-late 2018. During that time, WTI started off a Channel Down (blue), then as it broke above the 1W MA50 (blue trend-line) it rose aggressive and after it broke above the 1W MA200 (orange trend-line) as well, it entered a a 9 month Channel Up (green) that eventually led to the October - December 2018 collapse. During that Channel Up, a 1W Golden Cross got formed.
Since mid 2020, the price seems to be following the 2017/2018 sequence. We are currently inside the (green) Channel Up. Even the RSI and MACD are printing similar sequences. Will another 1W Golden Cross emerge that will lead the Channel Up to a blow-off top? What do you think?
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hi, really interesting analysis,
elliott waves analysis suggest an ending diagonal in wave ((5)) may unfold from 57,40 the same pattern in the 2017/2018 sequence.
rameezcfa
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@francescoforex, well can u elaborate bro in easy words, u are bearish or bullish from here ??
elliott waves analysis suggest an ending diagonal in wave ((5)) may unfold from 57,40 the same pattern in the 2017/2018 sequence.