First of all. It is a little bit rare for Oil form a harmonic Through out backtesting, However, there is still a probability though and the bearish 1000 pip down caused by bearish Gartley pattern.
As we can see the price is channeling downwards and stalled out at 51, 100pips from 50. Coincidentally Right on Bat 2.618 that could not close below with following price action
Elliott wave 5 and wave 3 both made a double bottom, such an aggressive and steep price action may cause a retracement.
Plus the correlation with CAD especially on USD/CAD, from which, had a WEEKLY bearish Gartley pattern and pulled back from Daily bullish Shark.
Aggressive entry has to be placed below the low near 50 area.
One more thing , If we go up on higher time frame(weekly chart) take a look at the historic consolidation from 51 level
As we can see the price is channeling downwards and stalled out at 51, 100pips from 50. Coincidentally Right on Bat 2.618 that could not close below with following price action
Elliott wave 5 and wave 3 both made a double bottom, such an aggressive and steep price action may cause a retracement.
Plus the correlation with CAD especially on USD/CAD, from which, had a WEEKLY bearish Gartley pattern and pulled back from Daily bullish Shark.
Aggressive entry has to be placed below the low near 50 area.
One more thing , If we go up on higher time frame(weekly chart) take a look at the historic consolidation from 51 level
Trade closed: target reached