News has just come in that tensions have flared up once again in the Strait of Hormuz.
If you look closely, crude oil has already formed a 'W' pattern; and if the attacks do not cease, crude oil prices will skyrocket tomorrow.
Oil prices are falling because the Strait of Hormuz is about to reopen; however, for those who follow price action, this situation is very simple and clear—oil previously formed an 'M' pattern, broke through its support level, and dropped by 15%. Do you think oil could fall even further?
A peace deal is currently underway between the United States and Iran, and reports suggest that the Strait of Hormuz will reopen very soon. The impact of this development is already visible in the market; driven by this news, gold has formed a distinct "Double Bottom" (W) pattern and has subsequently surged upward.
Iran has just hit an American war ships with 2 missiles that takes the prices of oil higher again,
What is your opinion? Are there any chances for peace talks, or should we focus solely on trading based on the news?