i had a look at 2008-9 crude oil bottom, it took approximately 3 months of consolidation before it recovers NOW, price is embedded inside an inverted pyramid. But i see a F flag! is it bullish or will the price developed into a bear flag like the purple rectangle? So far, this consolidation lasted for about 1.5 months. There is no clear signal for me yet although MACD & RSI are curving up. Are you already bottom picking?
P.S. price is still under 50 ema for the moment
Comments
CosmicDust
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Here is the chart
CoinedByCrypto
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Nice chart thx! Yeah! We need more time
jangseohee
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@CosmicDust, you reckon there will be another push down hard before the actual recovery?
CosmicDust
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I think the chance of another leg down is good, but as any prediction it may not materialize. I am a little conservative so I usually wait until 10 weeks MA turns up, gets tested/breaks out again, then long.
An irregular bullish gartley have played out.I see some retrace and back and forth... but 78.6 have to be taken out for short term further upside.
CosmicDust
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All previous lows took some time to build a base. I do not think this one will be different.
justatrader
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It is bullish, but I personally don't have much experience trading flags within a few candles. However a lot of factors point to the upside move. First there was the doji reversal few days ago. And now a nice 'V' pattern reversal.
jangseohee
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@justatrader, Well for the entire inverted pyramid, there are 2 DOGGIEs
CoinedByCrypto
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Yeah I agree We need some signs. Have however played the volatility the last 3 weeks. Thx for your look at the 2008-9 bottom.