After the wave 1 impulse, we are looking for a valid three wave correction to call wave 2. This is a flat, a 3-3-5, wave c being an . Ending diagonals are exciting because they reverse sharply, as do triangles. When price passes through the upper , I am expecting wave iii of the larger triangle thrust to be under way. It will be a sharp move towards. $60 per barrel. I forgot to put a steep green arrow pointing upwards in this illustration, use you imagination!
I'm not totaly sure we're going to brake out this time though. Might see a last bear run to the bottom of the triangle $50-49. This boring sideways movement is hopefully giving an answer soon.