TraderEye Market View: Will a Gartley-type harmonic pattern stop the oil price crash ?

Tuesday, October 15, 2024

Will a Gartley-type harmonic pattern stop the oil price crash ?

After reducing the risk of damage to oil production in the Persian Gulf, the price of oil rushes downwards in a harmonic pattern (inaccurate, it must be said) of the Gartley-Shori type and in addition there is an AB=CD reversal pattern structure, patterns of this type may help predict potential levels for price reversals, or in the professional language of the field of harmonic patterns, we enter the PRZ (Potential Reversal Zone).

Attached is an hourly graph of the price of oil showing the patterns that are on the verge of completion.

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