When the price of Crude OIL hit the top key level of the C-Matrix setup at 75.08, I knew that as long as it stays below that level the chance for a large scale downside reversal will get significantely higher.
And indeed, by the end of the week price had failed to breakthrough after leaving a suspicious spike right on the spot of that key level.
That is always an exceptionaly strong technical situation that I like to take massive action on. The first price target at 70.61 was taken very quickly, but it also completely broke the negative momentum.
There is still a lot of potential on the downside, and I got my finger on the trigger. The same mid-high key level of 70.61 that was used as a price target is the same level that is going to be used as the official trigger for the next downside move.
Below you can check out my video analytics on the OIL, when I began to analyze and establlish this bearish conviction of mine.
