USOIL is looking like an expanding market about to complete 1-2-3-4-5 pattern - see purple.
A possible reversal area is the 1.272 ext (82.52) of the last swing higher - see green
This area is also a support area going back to January.
We draw another extension from the last small move higher - see black - and judge the price action as it moves through these extensions.
The 382 of the larger move higher is just below at 80.00
Somewhere in there can be ourrevrsal for a move back up to 100 mark.
Timne to follow....
A possible reversal area is the 1.272 ext (82.52) of the last swing higher - see green
This area is also a support area going back to January.
We draw another extension from the last small move higher - see black - and judge the price action as it moves through these extensions.
The 382 of the larger move higher is just below at 80.00
Somewhere in there can be ourrevrsal for a move back up to 100 mark.
Timne to follow....
Comment:
Let's give it a shot...
Comment:
Here is our winner!