pittpitt123

OIL H&S measured move

FX:USOIL   Crude Oil (WTI)
still in bearish wedge , so bear has to break it otherwise as long as the neckline hold, measured move to 92ish ?
I can agree with the bearish wedge especially based on RSI and MACD however, this trend has been solidified. IMHO LT technicals have proved to be a joke with oil this year. If anything I think we have a double bottom and its next small correction to mid 50's then leg up to the support line area from 1999 to 2002 to 2010 to 2015. I am short but not for long
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pittpitt123 therancher
@therancher, would agree the wedge play out and correct toward 50ish ~ then followed by final melt up phrase to 80-90 area. So short term pattern vs long term pattern will play out (actually the H&S neckline is in 52)
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