chessnut

Oil in bearish triangle

FX:USOIL   Crude Oil (WTI)
192 4 2
Oil             is in a IV wave bearish triangle. This will most likely resolve downwards. if it resolves downwards it will find a medium term bottom in oil             for some months at least as triangles are always terminal moves.
I think Oil could break to $40 a barrel. Well done!
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chessnut TradersClub
I think it might disappoint a lot of trend followers with a very long and boring sideways correction beginning soon.
+1 Reply
I agree. It will trend sideways for some time as the accumulation period is bound to be long. On the other hand there is more downside room to at least $40 this side of the year.
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mmmhmm
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