Crude Oil: Completed bearish butterfly

Crude Oil completed a bearish butterfly in a strong confluence zone. There is a possibility for the prices to extend up to end of the red zone as that is also the butterfly max extension. Price broke the first HL 240 min TF and retraced back at 61.8%.
On daily TF we have also a big bearish candle on the top of the wave that tested the confluence zone and closed below.
On weekly TF price tested 200 EMA.

Good Luck!

Comment:

Daily chart

Comment:

Weekly chart.