NYMEX:CL1! Light Crude Oil Futures
The structure of 1 , 2, and 3 are similar, especially 1 and 2. The in sync with price. Take your pick, similar cyphers, similar triangles, all working one large . Oil is up early today, but its early, and as volumes picks up today after few days of low , we will see a break out. Which way, IMO down, but you never know. There is always the factor of "wars and rumors of wars". China straights, Russia in Syria bombing, just pick a country, and you never know which event will disrupt production and/or supply in tat area. My take is, nothing major yet, but soon, and quiet long enough to complete the right shoulder. Tough to make this call as we see OIL headed up today, but it did the last two times also, a mild upswing, then the bottom falls out as it reaches the end of energy of the triangle at points C in the cyphers, green circles.
Descending and broadening wedge in many indexes. Perhaps an upswing when MA start, after smaller fracking companies with much debt go bankrupt, but I just think we head down before all that. The bottom would correlates about that time. I know this is contrarian, but that's what my charts say. Oh well. have to trust them.