Crude Oil: 56.2/58.2 Could Be A Good Turning Point
Gregor Horvat | Aug 20, 2019 03:10AM ET
Oil is recovering, however in an overlapping manner within sub-wave c which can be part of a higher degree correction. We labeled a wedge in c, which can stop, and make a bearish turn near the Fibonacci ratio of 61.8/78.6 (56.2/56.8 area).
Ending diagonals, in our case a wedge pattern represent powerful reversal patterns, so we would not be surprised, if price would turn sharply below the 54.85 region.
Crude oil, 1h
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