Thursday, June 2, 2016

Price Action Trading The Descending Wedge On Crude Oil Futures;

Today we see Crude Oil grinding lower after the HUGE run higher earlier in the EU session. This drop lower was likely initially profit taking that got a bit carried away and began going into a trend reversal in the form of a descending wedge pattern.

This descending wedge gave us clues that the buyers were completely falling apart and losing their grip with the bears showing VERY large formations for the breakout run down to finish the move off!

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