USOIL has been giving signs in terms of EW that it is approaching at least a short term bottom soon, besides sentiment and bullish short term FA, because the current downside behaviour is not indicative to the down side. The best count to fit this zig zagging behaviour into is an ending diagonal. This is a good example of one.
Characteristic of an ending diagonal, when the price breaks through the upper trend line we can be sure of a sharp reversal retracing at least to the beginning of the ending diagonal, $51 per barrel. This is a hard rule.
Characteristic of an ending diagonal, when the price breaks through the upper trend line we can be sure of a sharp reversal retracing at least to the beginning of the ending diagonal, $51 per barrel. This is a hard rule.
