Long term completion of a Butterfly pattern at 58-59 is still a possibility ...A breakout above the blue line will see oil targeting the previous high of 49 and possibly beyond...there looks to be the possibility of a right shoulder forming in an Inverted Head and shoulder pattern, a green candle on monday will confirm the right shoulder or we may have a doji first on Monday and the green candle on Tuesday .... The head is quite obvious in this pattern so an entry around 43.50 would be ideal....if i miss the entry i will be hoping for the trendilne to act as resistance one last time and buy the pullback....
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Im not risking this one...
REASONS....
Its counter trend
The bullish Gartley @ 141.30 is the safest place to buy...
I'm shorting EURUSD ~(GARTLEY) at 1.128....oil usually follows EUR....