Bringing this in line with UKOIL chart posted earlier. I do not like the shape of a leading diagonal a. But sigh... I do not have other ways to count it at the moment. Another point is that abc would be too simplistic for wave (ii) in a larger leading diagonal. But hey.. let's first deal with what comes next. Oil has been remarkedly difficult to forecast over the last .... well, it is always difficult to forecast.
here is the cypher pattern on weekly time frame of usdcad with possible downtrend which means a rally possible for oil
MtICHI
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it seems that corrective wave will be in abcde format .also a harmonic pattern on weekly time frame of USDCAD is seen .as USDCAD is highly correlated with usoil ,so i am skeptical about bear move continuation .maybe another leg down will be the end and a rally as you depicted on the chart will happen .tnx for publication . wait to see what is coming up