It currently appears that the market is forming a triangle sideways correction. The key is that waves (d) and (e) of this triangle patterns do not make any new lower lows or higher highs as set by the preceding waves (b) and (c).
I will be looking to trade this when we see a bounce towards wave (e), with stops places above the wave (c) peak.
At this stage it isn't yet possible to denote the bottom trend line of the triangle as there is only one point formed, namely wave (b)... so please understand that the illustrated trend lines are only 50% correct, and the bottom is speculative for illustrative purposes.
But again... the key is that any rally up should NOT exceed wave (c) peak... and I expect a decline lower after this to target $42 a barrel.
I'll take that as a massive compliment, much appreciated.
As I said, this was mainly posted for illustrative purposes... I followed up a few days later revising the target to 38
But careful not to apply any bias to my work... I too get it wrong :)
summer6
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wow, nice work. nope, take the bias off here. ^_^ thanks