I published idea last week that oil is forming three half-moon pattern from small to large. The first one takes 16 days. The second one takes 48 days. The third one will be very likely taking 96 days which means it will complete until August 7th.
We can get the similar result from fib time analysis which shows it will complete around August 12th. The period for oil rising from 42.02 to 62.55 is 49 days. The period for consolidation before this down is 49 days too. The period for this will be 49 days by August 12th.
The oil has filled the gap which formed at March 20th. It will touch the pitchfan 0.75 support line soon.
From EW theory oil is in wave 5. It will probability complete the 5 waves down soon.
No confirmation, no trading. Wait the confirmation of up move with large . If the of up is few, please keep cautious.
Comments ans suggestions are welcome!