If we compare Oil's trading behavior since its January 2009 bottom with the candle pattern since the February 2016 bottom, we see at first glance a lot of similarities between the two sequences. One that stands out is that on the 2009 cycle, the decline from top ($147) to bottom ($33) was nearly 78%. The respective decline on the 2016 cycle was 76%.
Assuming the candle sequence will continue to reproduce similar candle patterns, we can estimate a strong 3 year consolidation (November 2016 - December 2021) roughly within $50 and $73. This indicates a good buy/ sell pattern on a long term for investors who have patience. Buy near $50 - $53 and sell near $70 - $73.
Needless to say, this projection is a huge speculative scenario based only on historic ignoring the strong fundamentals (OPEC, geopolitics) affecting the Oil prices, that we simply can't know or predict.
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