USOIL - Lower prices to come?Taking a look at the OIL this month we have a chance at getting back down to $80/Barrel or lower.
Firstly if we look at the AI for the month it looks to be choppy with a sell off later in the month. I have marked a couple of critical dates. Highs or lows into these dates could mean a reversal, for example if we are at a low coming into the 28th of April then I would expect a strong rally and vice versa a top into this time.
On the pattern side of things we are in an ABCD to the downside taking us to 90.86. This will be the first target if it can get back down below the 78.6% @ 98.54.
The bigger Gartley pattern has going down to the $80 area where we have multiple FIB levels. The main level being the 382 from the 2020 low, there is also the 1.618% extension @ 79.50 from the recent high/low.
ABCD Gartley comes down to 80.86.
This could be the start of the next move higher or the possibility of lower prices.
With all the news going on its better to stick to the patterns.
Enjoy the week. 👍👍🤑🤑
