Technicals
Here we have a Gartely pattern (shaded grey) that suggests a mid-term rebound. From the blue Gartely pattern, we can expect this rebound to last into the $36/37 region, where we can then short the market due to this bearish pattern.
Fundamentals
The oil market is in quite a confused state at the moment. Supply and demand dynamics suggest no return to a bullish market any time soon, however we are beginning to see a major consolidation, supported by that fact that any major additions to the oil glut could already be priced in. The average price for crude oil is also expected to be in the $40 to $50 region. For this reason I expect more consolidation, which is why a bullish Gartely leading straight into a bearish Gartely is completely reasonable.
Here we have a Gartely pattern (shaded grey) that suggests a mid-term rebound. From the blue Gartely pattern, we can expect this rebound to last into the $36/37 region, where we can then short the market due to this bearish pattern.
Fundamentals
The oil market is in quite a confused state at the moment. Supply and demand dynamics suggest no return to a bullish market any time soon, however we are beginning to see a major consolidation, supported by that fact that any major additions to the oil glut could already be priced in. The average price for crude oil is also expected to be in the $40 to $50 region. For this reason I expect more consolidation, which is why a bullish Gartely leading straight into a bearish Gartely is completely reasonable.
