USOIL: Small Bullish Gartley at the Larger .786 Retracement

A nicely formed Bullish Gartley is forming in the 48.50 range, which is right at the .786 of the bullish run from 47 to 53 this March/April. The B point is .617 which is what I have begun to really look for when identifying a Gartley pattern (based on Scott Carney's rules).

I will not be placing a limit order but instead plan to watch price action at the PRZ and look to enter after a small bullish impulse or re-test of the PRZ.

Besides the normal targets for the Gartley pattern of .382 and .618, a potential target for this buy will be the completion of the bearish Butterfly pattern around $50.70, where I will again watch price action in the PRZ to short.

Any thoughts or comments regarding Crude Oil or this set-up are welcome and appreciated!

Comment:

Nice bounce off of 48.50. I don't suppose the market will give a re-test...but I will be waiting if it does.

If not I will be watching the yellow trendline and completion of the bearish butterfly to short, depending on the price action by that time.

Comment:

Note this potential Bullish Butterfly completing lower...watch price action at the Gartley PRZ

Trade active:

Went long @ 48.55 (June Contract)...seems price has respected the pattern/level/trendline thus far

Trade closed: stop reached:

Stopped out...got disrespected!

Out of the market for now...I am slightly bearish until the completion of larger bullish patterns on my radar...although there is some bullish divergence and perhaps still on trendline...better be safe and patient