USOIL has declined rapidly for nearly two months.
Where will the OIL go next? Let's analyze the possible case.
Case 1: the 0.618RET
The 0.618RET is at 51.6 which the demand zone locate as well.
Case 2: the double bottoms and potential bearish Gartley pattern
The market breaks down the 51.6 but rallies nearly at 42.3, then double bottom will form. If the price rallies higher, a bearish Gartley pattern will complete.
Case 3: the potential bullish AB=CD pattern
This is an extreme case.
The price breaches 42.3, then a potential bullish AB=CD pattern will form at 32.6.
Cases are above, so plan your trade when any case appears.
Where will the OIL go next? Let's analyze the possible case.
Case 1: the 0.618RET
The 0.618RET is at 51.6 which the demand zone locate as well.
Case 2: the double bottoms and potential bearish Gartley pattern
The market breaks down the 51.6 but rallies nearly at 42.3, then double bottom will form. If the price rallies higher, a bearish Gartley pattern will complete.
Case 3: the potential bullish AB=CD pattern
This is an extreme case.
The price breaches 42.3, then a potential bullish AB=CD pattern will form at 32.6.
Cases are above, so plan your trade when any case appears.
Note
Perfect, the 0.618RET has worked.
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.
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.