CRInvestor

Crude Oil setup up a bearish Gartley?

FX:USOIL   CFDs on Crude Oil (WTI)
1
After a nice surge of late it is probably best to zoom out a bit and see where we are on a higher time frame basis. Here is the four hour chart on Crude and a few things are jumping out at me. 1. we have hit the bullish ab=cd price pattern point D. target (103.71). If we do indeed fail here at this level, one could argue we have a potential bearish Gartley price pattern. If so, it paints a very ugly downside target over the coming sessions. Notice too, momentum is in a bearish divergence and our over-bought over-sold indicator (good ol' Willy) is now back into 'stupidly overbought'. Put all this together and I for one shall be reluctant to be too big of a buyer until some sort of consolidation in price occurs.

If my charts help you, or you use my indicators...
please consider a BTC donation to allow me to
continue my work :

1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5
& follow me on Twitter @CRInvestor

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.