Crude Oil - Bullish 5-0 Long

Crude Oil (WTI)FXCM

Description

⋅ Mar 18, 2016 9:03 PM

Tonight we have USOIL on a Daily chart with a bullish 5-0 pattern. I'm loving the look of this, if we can complete our D leg I'll be going long.

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

Comments

chartwatchers

⋅ Mar 19, 2016 7:11 PM

Though we printed a topping candlestick on Friday I think it's just a trap to fleece shorts.
Oil's daily cycle has a 38-48 days. We are on day 26 on Friday. At least 2 more weeks to run.

LewisGlasgow

⋅ Mar 19, 2016 7:24 PM

We'll see how it plays out, if it goes long instead of completing the D leg I'll go back to the drawing board but thanks for the additional analysis!