CRInvestor

Crude Oil setup up a bearish Gartley?

FX:USOIL   Crude Oil (WTI)
179 0 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.

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