US Oil has a high secondary uptrend pattern.
If there is a 3rd rise again after the 2nd rise, it can be propagated as a monthly or yearly bullish pattern because it rebounded in the monthly demand zone with a bullish pattern.
Anyway, in the case of a correction pattern that is a secondary rise, there are two cases as shown in the chart.
The first is the daily bullish pattern of the W-X-Y structure. In this case, if the retracement is not large after reaching the monthly supply zone, it is likely to be a bullish pattern because the daily upward wave continues.
The second is after the weekly correction process, it can be a monthly correction process of the weekly bullish pattern again. A big retracement could come out of the monthly supply zone, or a downtrend could start again.
If there is a 3rd rise again after the 2nd rise, it can be propagated as a monthly or yearly bullish pattern because it rebounded in the monthly demand zone with a bullish pattern.
Anyway, in the case of a correction pattern that is a secondary rise, there are two cases as shown in the chart.
The first is the daily bullish pattern of the W-X-Y structure. In this case, if the retracement is not large after reaching the monthly supply zone, it is likely to be a bullish pattern because the daily upward wave continues.
The second is after the weekly correction process, it can be a monthly correction process of the weekly bullish pattern again. A big retracement could come out of the monthly supply zone, or a downtrend could start again.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.