Brent TA thread

Just a basic brent daily with a modified Alan Andrews' Action / Reaction type setup.. These are multipivot lines.. lines with confirmed multiple pivots are solid red, those that have only one but are parallel to the confirmed A/R lines are dashed.

You can expect a good chance of price reacting when approaching these areas... e.g. a reversal or a gap / strong thrust (the latter being an inverse pivot, but still technically a pivot).

The strongest multipivot lines, i.e. those where you have your highest likelihood of a price reaction, are those with BOTH pivot lows and pivot highs. Also, the more pivots the better and lastly, the more climactic or extreme the pivot increases the likelihood of a reaction around that line. E.g. the mulipivot line that encompasses the pivot low marked by the last arrow.
  
Also overlayed a fib retracement which shows (see black arrows) price very well respecting 50% and 38.2%

Price has recently poked above the 38.2% and (you can barely see it on the chart) MACD has crossed over however well below zero line.

I'll try to do some more work on the chart over the weekend.

Let me know if the picture isn't working for whatever reason, I'll repost it

PIOTRVIP