Crude oil- The Bearish Triangle

Mar 8, 2023

Crude fails to break the upper side of a triangle. Nice bearish reversal Daily candle too, similar to ones in the past, calling bears

Mar 15, 2023

Note

Crude oil is breaking lower out of a bearish triangle pattern as expected. Keep in mind that triangles usually occur in 4th waves and indicate final wave 5 before a reversal. However, there can be still room down to 65-60 triangle target area, where we also see ideal 138,2% - 161,8% Fibonacci target zone.