A bearish cypher pattern seems to be forming on Brent Crude Oil 1H TF. will enter the trade once point D is reached.
A bearish bat pattern seems to be forming on Brent Crude Oil / USD on 1H TF. Pattern will be close to completion once point C is surpassed. 1.414 AB = CD lines up closely with 0.886 retracement of XA
a bullish gartley seems to be forming on Brent Crude Oil / USD on 1H TF. setup looks promising with a perfect AB=CD lining up close to the XA 0.786 retracement.
We are in the last consolidation within the triangle ABCDE. Wait breakup. Target 67-70 depends on Fibo ratios between A and C. By the way, in USOIL there is no such a classic triangle shape.
I think it's a double zigzag. The lower degree wave 4 at 69.59 could be hit.
It's not OPEC, it's just wave C technical analysts could argue ))) We can reach at least the former peak at 69.59 where the C almost equal to A. Amazing power of digits and their ratios.
This is the prevailing count. If price would fail at the channel resistance the count would be valid. Minimum target is at the wave W low at 41.54. Next are the 1.272-1.414 mutipliers at 40.86-39.25
It could be an Ending Diagonal in the position of wave C. We can reach then the $55-58 area where both 61.8 of A and the top of diagonal meet. Break below 45.12 (wave II) would invalidate this count. I will add another possible count in the comment to this post to show you different perspectives.
Perfect Butterfly pattern , RSI overbought, downmove expected