Above, is the video review for Crude Oil.
Taking a look at the longer perspective, a multi-year ending diagonal pattern is nearing its end.
The weekly chart for
USOIL suggests the decline is wave 5 of a 5-wave diagonal. The 61% Fibonacci retracement level sits near $49. We're anticipating a bullish reversal between current prices and $49 to carry up to new all-time highs over the coming years.
Looking at a clusters of wave relationships and market geometry, I'd like to see Crude Oil reach the yellow box and punch new lows, but it doesn't have to.
If prices fall further, then the 61% Fib level at $49 may provide support.
Taking a look at the longer perspective, a multi-year ending diagonal pattern is nearing its end.
The weekly chart for
USOIL suggests the decline is wave 5 of a 5-wave diagonal. The 61% Fibonacci retracement level sits near $49. We're anticipating a bullish reversal between current prices and $49 to carry up to new all-time highs over the coming years.Looking at a clusters of wave relationships and market geometry, I'd like to see Crude Oil reach the yellow box and punch new lows, but it doesn't have to.
If prices fall further, then the 61% Fib level at $49 may provide support.
Trading leveraged products carries a high level of risk and may result in losses exceeding your initial investment; ensure you fully understand the risks involved.
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Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
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Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trading leveraged products carries a high level of risk and may result in losses exceeding your initial investment; ensure you fully understand the risks involved.
-
Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
-
Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.