Crude Oil potential Long from $41.30
My fundamental/macro view would see BoJ follow ECB into a tighter monetary policy. If that is the case come Friday 21st irrespective of a rate hike USD should sell off repeating the rate hike in December 2015.
With that expectations the crude oil chart looks as follows to me. Price is compressed inside a symmetrical triangle. There is a bullish gartley on the 4h chart with a target $41.30. That moves quickly into the C-D leg of the bearish butterfly targeting $61. A breakout of the triangle would also reinforce that target!
With that expectations the crude oil chart looks as follows to me. Price is compressed inside a symmetrical triangle. There is a bullish gartley on the 4h chart with a target $41.30. That moves quickly into the C-D leg of the bearish butterfly targeting $61. A breakout of the triangle would also reinforce that target!
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