This same formation/pattern can be seen to repeat (in green)
Each drop is followed by an equal or greater rise
Assuming it continues the rise should be equal to the drop point so where I have placed the bars pattern
Seemingly oil has completed a five-wave sequence. The structure seems odd, but overall this scenario seems to have some weight given the closing of the week where bulls decided to take profit. I expect that next week starts off red before another bullish leg. It makes sense to look for fading setups in the lower timeframes.
