Its seems a new pushing wave on the way, please watch the descending trend line, it is the final point if not break that resistance the price may go down again...
Although it is harmonic pattern or flag, it is good for long in short perioid
Reversal from that descending trend line may lead the price to $55 area with long time period... NOTE: breaking of the trend line will take off the price to high
USOIL chart is pretty worse and that will lead to go more down, but in short time some indicators are showing that USOIL price may go up. watch the trend line at least $71
This idea will not neglecting the previous idea of the USOIL. If that is an actually Gartley pattern the first target should be 38.2 Fibo for the points A to D, which is in same time touching the assending trend line, this point will be about $69.8 then we can go back to the up direction.
Overlapping of triangle and head and shoulders patterns sounds completed, the closing price today is very important to confirm the price direction.
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USOIL showing Gartley pattern is completed and this is maybe the last chance to rebound before breaking the trend line support..
USOIL Currently on a good support area the up trend line & 78.6 Fibo. also we are waiting for AB=CD pattern which is can lead crude oil to the new high.
USO progressing ABCD pattern inside Gartley pattern
USOIL With flag pattern, if it is hit the target that will be a good profit, it is around $6 GOOD LUCK.
as you can see previously what happened in bear flag fractal for oil
This is will not distract the previous idea (SHORT USOIL).. this idea can be long for short period but it is risky to wait Cypher pattern to complete. Then sell again. Just wait till break the down trend line.
If you look to the middle east situations (the war in Syria and Iran nuclear deal) you will think the Oi price could be reach to $100 ... but the technical analysis in our chart showing this pattern has been completed and the price may go down again... this is at the weekly chart thats mean should take some time to reach the target... ($76 kill this pattern)
In 4 hours frame USOIL can go down with two indications, head & shoulders and broken of trend line !!
USOIL can be in Butterfly pattern, waiting the confirmation after head & shoulder broken complete.