The pattern is one of the most reliable and powerful patterns for technical Forex analysis. If this pattern is found near a support or resistance key level, it is then a reliable indication for a reversal pattern.
Although the last week candle ended as a pattern, zooming out for the bigger picture. it is clear that the long term momentum in USOIL price remains .
It seems that for the long term, any upward movement of the price will be considered as a technical correction, regardless of the price continuing a momentum.
First, it will move upward to collect unfiled orders from the supply above, which we can see on the 4H chart, and maybe even from the supply at the top.
On the 4H timeframe – A fresh located just below 52ish, if the price touches this demand before reaching the supply above, it will be great timing to open for a buy position.
The supplies above will be the first target and the one at the top is the final target.