Crude (July futures) 2-2-2 Pattern Forming

crude may23

Crude Oil is weakening on the back of tepid economic data from Europe and on news of slower then expected growth from China. The approaching FULL MOON on May 25th is no doubt irritating the emotions of market players as well. Crude can be seen to be making a classic “M” pattern as the embedded image in this post shows. A possible location for point D calculates to somewhere near the $90 level if in fact AD is to be related to XA by 0.618 (just under $92 if the ratio is to be 0.486) and if in fact this is to be a valid pattern.  


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