WTI OIL Golden Cross 1W. One last top before major correction?

Last week the Golden Cross (when the MA50 crosses over the MA200) on the 1W time-frame for WTI Oil went unnoticed. Last time we had a 1W Golden Cross was way back in April 2018. This raises an interesting fractal comparison.

As you see the price action when the Golden Cross happens is within a Channel Up both now then in 2018. Interestingly enough, when the Channel Up pattern started on both occasions, the RSI started printing Lower Highs, meaning it was on a Bearish Divergence. In 2018 that ultimately led to a blow-off top. Both sequences hit the $77.00 as their Highs. Does that fractal comparison indicate that WTI has one last dead-cat bounce to make before a major correction? What do you think?



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