Resuming from previous Crude oil Post in the blog, check it from what's happening section...
We at that time just had an idea that the developing correction could be a triangle but in the recent trading sessions, it is really very clear that the current correction is most possibly a triangle (Elliott wave Descending triangle) and within which the waves ABC have been completed and the remaining two legs D & E are about to be completed and as in a descending triangle the characteristics of the same is to test the support multiple times and which is what the D wave is going to do exactly and after that the E ( FINAL ) wave as dictated by the principle will be a multiple of FIBO numbers, with respect to Previous C wave rally and most possibly the .786 will be the target for the above stated E wave.
View the video as it also explains below one degree from daily charts to H4 charts.
Ambrish any one can understand that the volatility in crude has really diminished in recent days and i suspect that it is because of a developing triangle and the triangle count will be violated if it crosses 35.94 and wait for the confirming price action and my view is still bearish (to the areas of 28.70) on crude and if the levels of 35.94 doesn't hold then it is definitely not a triangle and i have to analyse it fresh..However this is just an opinion and do not trade based on this alone.... do chat from our website for instant reply.....! Happy trading
AMBRISH
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if it brakes out 34.40 then what? unable to read levels on chart.