In my last post (see link) I suggested Oil
may make one more jump up then correct. That is what happened. The question is "is the correction over?". Price corrected 50% of the recent jump up and now is in a contracting triangle. "b" waves can be a contracting triangle (also referred to as a bullish flag
) as indicated on the 2 hour chart as "alt b". But the triangle could still be just part of the correction as indicated as ".b" in black in which case more down action is ahead. If .c=.a we could get a double bottom
. Either scenario if possible. I favor another drop down first but either way its best to wait for a breakout of the triangle . Take care.