Crude Oil Elliott Wave Idea

TVC:USOIL   CFDs on WTI Crude Oil
Looks like a triangle is forming which could indicate wave 4 with a 5th wave to come to mid $40's.

May see a rise back to the top of the triangle, though E wave can fall short of the upper trendline in some cases.

Comment: As expected price didn't reach the top of the triangle and reversed from .618 of D wave to end E wave. Looks like it could be going lower from here
Most likely wave 4 has a complex structure zig-zag and triangle.
May be it is worth conforming ideas for WTI on BCO also.
On BCO chart it is more obvious that wave 4 cannot be a simple triangle, since otherwise wave C would overshoot wave A.

Joseph_King Kupitman
@Kupitman, Thank you. I think triangle still under way, maybe almost completed. Nice chart btw :)
Hey Joe! You’re ruining my game with this short call :)
Joseph_King Zoen_Trieste
@Zoen_Trieste, Hi ZT :) Still think its playing out in triangle, maybe near completing
Zoen_Trieste Joseph_King
@Joseph_King, great call, Joe.
+1 Reply
Joseph_King Zoen_Trieste
@Zoen_Trieste, Cheers zt
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