This is a strange but quite interesting fractal I found as I was trying to break-down the current Channel Up on the 1D time-frame that WTI is trading in.
As you see the current pattern resembles the sequence of May-early June 2020. Both started rising aggressively after the 1D MA50 (blue line) turned into Support. Shortly after the RSI turned sideways and in the case of May/ June, it stayed sideways and consolidated until the end of August.
So far we see this RSI consolidation on full display and it leads me to believe that we may have a similar development into early 2021. Is $55 possible by March? What do you think?
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As you see the current pattern resembles the sequence of May-early June 2020. Both started rising aggressively after the 1D MA50 (blue line) turned into Support. Shortly after the RSI turned sideways and in the case of May/ June, it stayed sideways and consolidated until the end of August.
So far we see this RSI consolidation on full display and it leads me to believe that we may have a similar development into early 2021. Is $55 possible by March? What do you think?
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> TradingView
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🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!