TradingView
OmarJundi
Jun 5, 2016 1:03 PM

OIL Diganoal Triangle on the Daily Chart Short

Crude Oil (WTI)FXCM

Description

Diagonal Triangle
Occurs only in 5th or C Wave
Subdivide into 3-3-3-3-3
sometimes have sharp, last gasp break through trend line
subsequent moves are sharp

Comment

Oil is moving perfectly inline with the chart.
Oil might punch through the upper trend only for a very short period of time (piercing) and would fall like a knife from there.
More