Long term completion of a Butterfly pattern at 58-59 is still a possibility ...A breakout above the blue line will see oil targeting the previous high of 49 and possibly beyond...there looks to be the possibility of a right shoulder forming in an Inverted Head and shoulder pattern, a green candle on monday will confirm the right shoulder or we may have a doji first on Monday and the green candle on Tuesday .... The head is quite obvious in this pattern so an entry around 43.50 would be ideal....if i miss the entry i will be hoping for the trendilne to act as resistance one last time and buy the pullback....
Note
Im not risking this one...REASONS....
Its counter trend
The bullish Gartley @ 141.30 is the safest place to buy...
I'm shorting EURUSD ~(GARTLEY) at 1.128....oil usually follows EUR....
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.