Oil may be in consolidation , within a triangular pattern .
If so, currently within wave C.
Looking for price to retest towards resistance trendline and reject ( head and shoulders pattern) .
1. Entry - 59.50
2. Stop above swing high at B.
3. Target is C at Monthly R1 - 51.00
4. RR = 4
##### I can barely distinguish the 4 moving averages on the daily chart, suggesting price is at fair value in both the long and short term around 56 .
If so, currently within wave C.
Looking for price to retest towards resistance trendline and reject ( head and shoulders pattern) .
1. Entry - 59.50
2. Stop above swing high at B.
3. Target is C at Monthly R1 - 51.00
4. RR = 4
##### I can barely distinguish the 4 moving averages on the daily chart, suggesting price is at fair value in both the long and short term around 56 .
Comment:
Its getting there, towards 51.00...
