Either way the triangle is complete. It may be a wave B of an A-B-C up move, or (B) of B, in which case we are going to 49.5 at least. I think the odds are in favour of long now. The unsecured high @ 54.19 on an intraday and daily basis suggests it would be revisited or repaired. Also we've seen a lot of buying tails on a weekly basis from 50-51 area. I will watch 52.9x -53.0x (100,200 MA and 38.2 fib) for long entry with final target @59.6x - triangle height projection. In case of crude approaching 52 I'm going to switch to short scenario.
Comment:
This is how the alternative count and short scenario looks like
Comment:
Short from here, if we are not breaking 53.45
