Crude OIL Trapped In A Triangle
Crude oil is trading sideways since mid-of February in 28.50-36.00 range that has a corrective personality so we assume its big wave four in progress. It can be a triangle, a five wave pattern that can send price to 26 or 25 area after its completion. At the moment, however, price is still ticking higher in wave C which may find resistance around 35.00. But for now invalidation level remains the same, at 35.96; as long it’s not breached we will expect a turn down into wave D.
Crude OIL, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
A Triangle Pattern Formation :
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