cfetrader

Decision time for crude oil

FX:USOIL   Crude Oil (WTI)
47 3 3
Crude oil             prices are close to a consolidation resolution. Although the descending triangular pattern favors a final decline to complete wave 2, the close proximity to the triangle's upper resistance line might tempt traders to drive prices towards the wave 3 target destination range of 52 to 56.
This is the most bearish scenario for oil I can perceive at the moment, based on recent price motion. The correction wave X being over via a truncated c sub-wave, a Y wave is manifesting soon (if not already begun).

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Based on todays significant rise, a probable future bearish (option (2)) scenario is presented in more detail.

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More details can be observed in the hourly chart. The latest (bearish) ascending triangle is overcome, and the validity of the cypher and shark patterns are next in line for testing.

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