USOIL - Bearish Cypher Pattern
This could be interpreted as a bearish cypher or gartley (depending on the placement of point C) that invalidated the descending triangle we were previous in.
By no means am I going short oil given the geopolitical sh*tstorm that is brewing, however in the case of a pullback from point D, I believe the 0.382 and 0.618 targets (green) that fall inline with the open gap that needs filled are attractive areas to go long.
Will they get hit in the near future? I doubt it. However, it is just something to keep an eye on.
Best of luck!
By no means am I going short oil given the geopolitical sh*tstorm that is brewing, however in the case of a pullback from point D, I believe the 0.382 and 0.618 targets (green) that fall inline with the open gap that needs filled are attractive areas to go long.
Will they get hit in the near future? I doubt it. However, it is just something to keep an eye on.
Best of luck!