Oil reversed in the Khaki Triangle as expected previously. (Quote 28th Jan “Still watching for a reversal pattern in the khaki area which could give a retrace towards the KS/Kumo”). There were 2 bites at the cherry on TL ‘pops’. Currently the price has met Chikou and Kumo resistance, so it could be heavy going with a block of old consolidation in the 78-82 zone.

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Updating the Oil chart for a some of our members who follow

We think oil could at some point reverse higher to 85-100 in the medium/ longer term but whether it has to first pay a visit to that lower trend line for the third time is hard to tell. The original Khaki Triangle worked out well (see previous chart). See #29 for full thread

Some members are trading oil, so for them an update.

Still watching for a reversal pattern in the khaki area which could give a retrace towards the KS/Kumo

Its possible there could be some hesitation at the 77 level, so interested members could look for a potential reversal pattern to form around that area.

We are not trading this ourselves.

Tested Kijun and into the Kumo as expected.

One of our members has asked about oil.

Here’s a current chart on BRNGO (Brent Crude). The chart shows the uptrend line has broken, so we may see a check of that to test if old support=resistance, and if that holds there could be a further move slightly lower. Bullish Kumo below could support and propel the price higher. Chikou Span is trying to penetrate but not through on daily chart.