USOIL Higher Time Frame Possible Bullish ScenarioThis is higher time frame bullish scenario on USOIL (WTI). This is only applicable if a bullish breakout occurs.
1. The price is inside a triangle which is getting squeezed and reaching its apex. That means we are going to have a breakout very soon.
2. Recently the price completed and M pattern and jumped higher. When M pattern completes the market goes higher.
3. If we get a bullish breakout from this triangle and if this breakout confirms, we can have formation of a potential W pattern. This when completed will have the potential to make oil fall again.
4. After that if the price stays bullish or becomes bullish again, we have a gap available around 100 area which needs to be filled at subpoint.
5. That will also lead us into a bigger multiple month and possibly multi year bullish formation of a W pattern.
But first, we need to see how price breaks out of the triangle.
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