Seeing a bounce off occurring, creating a double bottom. However, the long is not for long . Until the oil demand picks up this stock will stay a sell. As of now, this stock is way below fair value prices and will show a bounce back for a short term at least.
A support/resistance line in yellow is shown on the chart . Right now its acting as support and is being tested. I do believe there would be a bounce back from this support however the ceiling is not too far away.
A possible Adam and Eve pattern might occur. Also, a fractal indicating as such. However, the pattern will only be confirmed after the candle closes above the confirmation level.
Special thanks to my friends in discord for pointing the pattern out as a part of a discussion.
This idea incorporates levels and fibs, the probibillity of bouncing back down from the 78.6 fib is higher due to minute downtrend line intersecting at the fib. However, Strong support is present at the zero fib, which is also a level.
Simple but profound the Idea of Occam's Razor as sated by Isaac Newton : "We are to admit no more causes of natural things than...
Before reinforcements arrives the spaceman and his bull flag will be hibernating on the red planet before launching to Titan.
The idea is indicating a downtrend continuation, as we were unable to make a higher high.
We might be looking to go up for a bit, as you can see a complete wave count is given in the chart. If we break though the first target point, in the current move or in the B wave (resulting from the A-B-C correction occurring from this move up), that would confirm a bull trend in my humble opinion.
Current Analysis is based on Elliott wave principle, Fibonacci...