Oil Futures for Oct 15 & 16th 2018.
Following the cup&handle on the 15min and hourly charts, we have a confirmed breakout upon the gapup in foreign markets Sunday night.
US market opening price should find support at the top of the cup around 72, and complete its run to the PT of 73.30.
This lines up with the downtrend started on Oct 3rd (light blue), as well as...
Based on the ascending-broadening wedge originating from Nov '17, and ASSUMING that the cycle is coming to an end...
If this scenario played out, we would see 56 become the target of a 6month downtrend. As is common in a bear market, you will see some significant spikes, followed by a longer period of selloff.
*This scenario also lends itself to completion and...
