“A Heapin Helpin” and “Texas Tea”, oil that is, are phrases from Beverly Hillbillies sitcom song that first aired back in the 60’s. The day chart shows price is bubblin for higher prices in the world of Harmonics, ideally 64.63 but don’t discount 59.9 as not only an upside target but potential rejection region as well.
The initial level I’m watching to hold above or below is 53.78. Above there does have an obstacle to contend with at 56.18 so ability to push through there increases the probability of completing one if not both of the aforementioned harmonic pattern targets of 59.9 and 64.63.
Below 53.78 keeps price in a purt near neutral bias. I’m a country gal so “heapin helpin” and “purt near” sound normal to me. Speaking of country sayings, do you know what the plural of “ya’ll” is? It’s “all ya’ll”. Back to the chart, the neutral bias remains in tack until price can either hold above 56.18 or below initially 47.45 but more important 42.5, below there shifts larger bias to downside.
That’s the bigger picture, for intraday perspective, I’m looking an STRange 20 bar chart. I’ve kept the Day chart levels on this chart and this shows that a bearish harmonic pattern as shown in cyan completed at that Day chart level 53.78 with negative divergence and as long as holds below 53.71 then there’s an attempt to go into Retrace Mode. Retrace Modes of harmonic patterns offer important trading data.
It is considered merely a pull back ie, buyers taking profits, until proven otherwise. There is convergence and an important support test at 53.42, below there increases the probability of the Retrace Mode having an ideal minimum target at 53.19 and ideal, dreamed of, target at 52.11.
The important data derives from IF price can get to the ideal minimum retrace target of 53.19 and THEN what happens there because a hold above there is a sign of upside continuation with intraday target of 54.23, but a break down of the 53.19 is in Retrace Mode and like I said that 52.11 is sought but 52.77 will be an area to contend with.
All ya’ll have a great day now, ya hear?
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