USOIL: Likely Setting Up For a Bearish Harmonic Failure
The WTICO has been trading up and down within this channel due to a pause in the bearish price action that it's found at this .886 Bullish Bat PCZ but looking at slightly lower timeframes and the current Fed Condition i do not believe this Bullish Harmonic will perform; I instead expect for it to eventually fail and bearishly breakdown out of the consolidation channel and flush down to the nearest potential support levels of $50-$40 then maybe even $30-$12 which would line up with the 0.886 of the entire trend and would then satisfy all the Macro Bearish Shark Harmonic Targets that can be seen in a much earlier post below:
It should also be noted that we are trading around the 89 Day EMA and that price has bearishly reversed from the 89 EMA everytime it has hit it since the bear trend began.
It should also be noted that we are trading around the 89 Day EMA and that price has bearishly reversed from the 89 EMA everytime it has hit it since the bear trend began.
