In 2018 we had a drastic initial fall of oil from $77 per barrel to $42. We completed the .702 retrace back to $66.50 earlier this year and are now building a descending triangle for the next leg down. The initial target of the triangle is to $34.50. However, our final target is likely much lower... below $10.
Here is my previous warning on oil that I published on October 22, 2018, titled: "USOIL is Still in Crashing Pattern Since 2008"
In this idea I identified the exact bounce spot of oil, and I mentioned that we would need to wait for a setup to identify it's next move.
Well, we have it. It retraced the fall, and built a descending triangle. It's going lower.
Idea is invalidated if we break above $61.
Good luck.
Here is my previous warning on oil that I published on October 22, 2018, titled: "USOIL is Still in Crashing Pattern Since 2008"
In this idea I identified the exact bounce spot of oil, and I mentioned that we would need to wait for a setup to identify it's next move.
Well, we have it. It retraced the fall, and built a descending triangle. It's going lower.
Idea is invalidated if we break above $61.
Good luck.
Comment:
It looks like an avoidance of the crash has magically shown up. Interesting times are brewing in Saudi Arabia.
Comment:
It can reject from here: