USOIL - Close To Topping

Not entirely conclusive as yet but USOIL appears to be either topping here or very close. Could be a last leg up but i slightly favour it rolling over here if this weekly candle closes bearish with any body i.e. not doji. In this 5th wave every time weekly has closed bearish it has led to a downtrend.

It appears to be completing a primary ending diagonal overshooting pivot 2,3,4 extension to 0.618 - its not going to make the 1:1 its too far so I think the 0.618 is the anchoring fib.

Bearish divergence on the on each peak of wave 5 since March 2021.

First drop to break channel low and find its way to go oversold on RSI.

Guessing bottom to be in the $30-40 range.

There is real world consideration that can affect price here but if it takes its natural course then this is what i think will happen.

Not advice.

Comment:

D RSI rolling over and close to breakign MA

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Well the week ended with a bearish candle so we'll see if the pattern continues.

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Sudden blow off top to $100 and while everyone thinks USOIL will have a strong rally the chart is saying the opposite. Not lights out just yet and could be another upthrust but this should be heading down. Its a really terrible gravestone doji to end the week.

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Also wick fakeout through upper trendline.