Crude Oil (WTI) Technical Analysis – Bearish Harmonic Pattern

🛢️ Crude Oil (WTI) Technical Analysis – Bearish Harmonic Pattern Completion

Pattern Overview:

A Bearish Harmonic Pattern has been identified and completed.
The final leg (point D) has touched the 50% Fibonacci retracement of the previous XA leg, which validates the pattern's structure.

Key Observations:

Price has reversed from the D point, suggesting potential downside continuation.
Confirmation is observed with minor rejection wicks at the D zone.
The harmonic pattern indicates trend exhaustion and a reversal probability.

Price Action:

The current market level is near $61.75.
Price is expected to follow the projected zig-zag bearish path towards the target zone around $60, with further possible extension down to $58.90.
Technical Conclusion:

✅ Harmonic pattern completed
🔻 Bearish sentiment initiated post-pattern
🎯 Target zone: $60–$58.90

Trading Insight:

If price sustains below point D with weak bullish response, shorts will get initiated with tight stop-loss above D-point highs. Strong follow-through could bring a quick drop towards the projected support levels.


⚠️ Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute financial advice or a trading recommendation. Please conduct your own research or consult with a financial advisor before making any trading decisions.