Any beginning of a new low, relative only to its previous low could "potentially" be a lot of things. You could hope for whatever pattern, you want. I suggest taking off the bullish blinders, and you'll see a HS Top right in front of your eyes on this chart, the downward push only just picked up today. And the comparison on the MACD is comparing a negative arc that just started on the histogram to one that already finished. Again, the indicator your using is definitely flashing a strong signal, but it is bearish as is just about everything this chart is telling you, if you read it without bias and clearly understand the indicators you are using
SLOPolarBear
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@njscipione, You could have saved yourself some typing by looking at my other posts. I'm very bearish on oil. But I called this 'bounce' precisely. And potential is where reversals begins. There's quite a fight going on to break above these levels. I'm not anchored to my views. I am firmly following the price action. This is my long-term perspective, but I'm not in love with it. The volume analysis says this is going up: