The Weekly<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-PB-Testing-20-Week-EMA-BO-Point-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a big bear bar closing in the lower half of the candlestick.<\/li>\n\n\n\n
- Previously<\/a>, we said that while the odds slightly favor the market to still be in the sideways to up phase, the move up since June has lasted a long time and is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n
- The pullback has begun this week.<\/li>\n\n\n\n
- The bears want a reversal down from a large double-top bear flag with the November 2022 high and a parabolic wedge (Jul 13, Aug 10, and Sept 28).<\/li>\n\n\n\n
- They hope that the strong move up is simply a buy vacuum and a bull leg within a larger trading range. <\/li>\n\n\n\n
- They want a strong bear leg to retest the trading range low (May low) to begin.<\/li>\n\n\n\n
- This week, they got a big bear bar testing the 20-week EMA.<\/li>\n\n\n\n
- Next week, they will need to create follow-through selling, closing below the 20-week EMA to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- Previously, the bulls have had a tight bull channel since June. That means strong bulls.<\/li>\n\n\n\n
- They see the pullback this week simply as a test of the breakout point (trading range high; April high).<\/li>\n\n\n\n
- They want the 20-week EMA to act as a support and a reversal up from a higher low, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n
- At the very least, they expect at least a small sideways to up leg to retest the leg extreme high (Sept 28).<\/li>\n\n\n\n
- They hope to get a measured move based on the height of the 41-week trading range, which will take them to around $103.<\/li>\n\n\n\n
- Since this week\u2019s candlestick was a big bear bar closing in the lower half, it is a sell bar for next week.<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be in the sideways to down pullback phase.<\/li>\n\n\n\n
- Traders will see if the bears can create follow-through selling, closing below the 20-week EMA. Or will the market trade slightly lower, but stall around the 20-week EMA area?<\/li>\n\n\n\n
- The bear trend lines becoming progressively less steep also indicates a loss of momentum for the bears.<\/li>\n\n\n\n
- The market likely has flipped into Always In Long.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Daily-PB-but-Bear-Spike-680x383.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- The market traded lower for the week, closing far below the 20-day EMA.<\/li>\n\n\n\n
- Previously, we said that while the market continues to slightly favor sideways to up, the recent move up is slightly climactic and has lasted a long time. A minor pullback can begin at any moment. <\/li>\n\n\n\n
- The pullback phase has begun and tested the April high which was the breakout point of the recent rally.<\/li>\n\n\n\n
- The bears want a reversal down from a large wedge pattern (Jul 13, Aug 10, and Sept 28, a smaller wedge (Sept 5, Sept 19, and Sept 28) and a final flag.<\/li>\n\n\n\n
- The move down is strong in the form of a bear spike (strong bear bars with little overlap).<\/li>\n\n\n\n
- That increases the odds of at least a small second leg sideways to down after a small pullback.<\/li>\n\n\n\n
- The bears hope to get a spike and channel down and for the market to have flipped into Always In Short.<\/li>\n\n\n\n
- The bulls got a strong rally from June in the form of a tight bull channel which lasted a long time.<\/li>\n\n\n\n
- They hope that the strong pullback this week is simply a sell vacuum test of the breakout point (April high).<\/li>\n\n\n\n
- They want the pullback to stall around the April high and form a higher low followed by another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be in the sideways to down pullback phase, and for a second leg lower after a pullback.<\/li>\n\n\n\n
- The pullback should last at least TBTL (Ten Bars, Two Legs).<\/li>\n\n\n\n
- If the bears continue to create consecutive bear bars closing near their lows, it will increase the odds of the bear leg testing the May low to begin.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
![\"Crude](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/10\/Crude-Oil-Weekly-PB-Testing-20-Week-EMA-BO-Point.jpg\" "\\"\\"")
<\/a><\/figure>\n\n\n\n- \n
- This week\u2019s candlestick on the weekly Crude Oil chart<\/a> was a big bear bar closing in the lower half of the candlestick.<\/li>\n\n\n\n
- Previously<\/a>, we said that while the odds slightly favor the market to still be in the sideways to up phase, the move up since June has lasted a long time and is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n
- The pullback has begun this week.<\/li>\n\n\n\n
- The bears want a reversal down from a large double-top bear flag with the November 2022 high and a parabolic wedge (Jul 13, Aug 10, and Sept 28).<\/li>\n\n\n\n
- They hope that the strong move up is simply a buy vacuum and a bull leg within a larger trading range. <\/li>\n\n\n\n
- They want a strong bear leg to retest the trading range low (May low) to begin.<\/li>\n\n\n\n
- This week, they got a big bear bar testing the 20-week EMA.<\/li>\n\n\n\n
- Next week, they will need to create follow-through selling, closing below the 20-week EMA to increase the odds of a deeper pullback.<\/li>\n\n\n\n
- Previously, the bulls have had a tight bull channel since June. That means strong bulls.<\/li>\n\n\n\n
- They see the pullback this week simply as a test of the breakout point (trading range high; April high).<\/li>\n\n\n\n
- They want the 20-week EMA to act as a support and a reversal up from a higher low, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n
- At the very least, they expect at least a small sideways to up leg to retest the leg extreme high (Sept 28).<\/li>\n\n\n\n
- They hope to get a measured move based on the height of the 41-week trading range, which will take them to around $103.<\/li>\n\n\n\n
- Since this week\u2019s candlestick was a big bear bar closing in the lower half, it is a sell bar for next week.<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be in the sideways to down pullback phase.<\/li>\n\n\n\n
- Traders will see if the bears can create follow-through selling, closing below the 20-week EMA. Or will the market trade slightly lower, but stall around the 20-week EMA area?<\/li>\n\n\n\n
- The bear trend lines becoming progressively less steep also indicates a loss of momentum for the bears.<\/li>\n\n\n\n
- The market likely has flipped into Always In Long.<\/li>\n<\/ul>\n\n\n\n
The Daily<\/em> crude oil chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- The market traded lower for the week, closing far below the 20-day EMA.<\/li>\n\n\n\n
- Previously, we said that while the market continues to slightly favor sideways to up, the recent move up is slightly climactic and has lasted a long time. A minor pullback can begin at any moment. <\/li>\n\n\n\n
- The pullback phase has begun and tested the April high which was the breakout point of the recent rally.<\/li>\n\n\n\n
- The bears want a reversal down from a large wedge pattern (Jul 13, Aug 10, and Sept 28, a smaller wedge (Sept 5, Sept 19, and Sept 28) and a final flag.<\/li>\n\n\n\n
- The move down is strong in the form of a bear spike (strong bear bars with little overlap).<\/li>\n\n\n\n
- That increases the odds of at least a small second leg sideways to down after a small pullback.<\/li>\n\n\n\n
- The bears hope to get a spike and channel down and for the market to have flipped into Always In Short.<\/li>\n\n\n\n
- The bulls got a strong rally from June in the form of a tight bull channel which lasted a long time.<\/li>\n\n\n\n
- They hope that the strong pullback this week is simply a sell vacuum test of the breakout point (April high).<\/li>\n\n\n\n
- They want the pullback to stall around the April high and form a higher low followed by another strong leg up, completing the larger wedge pattern with the first two legs being August 10 and September 28.<\/li>\n\n\n\n
- For now, odds slightly favor the market to still be in the sideways to down pullback phase, and for a second leg lower after a pullback.<\/li>\n\n\n\n
- The pullback should last at least TBTL (Ten Bars, Two Legs).<\/li>\n\n\n\n
- If the bears continue to create consecutive bear bars closing near their lows, it will increase the odds of the bear leg testing the May low to begin.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
- Previously<\/a>, we said that while the odds slightly favor the market to still be in the sideways to up phase, the move up since June has lasted a long time and is slightly climactic. A minor pullback can begin at any moment.<\/li>\n\n\n\n