Crude has been ranging between $38 and $56. Probably embarking on a triangle pattern. If this wave analysis is correct, we could see price dipping toward $45, completing the last leg of the triangle pattern, before making a giant rally to $60 or more. To trade this pattern, one will have to wait for this dip to happen and complete before looking for a bullish opportunity.
On the other hand, if price rallies above $56 resistance without the last triangle e-leg , one may suggest the rally has finally resumed. We could then re-analyze and look for an opportunity to join the bullish trend based on a new proper wave structure/pattern formed.
What is your wave count from all time high of $140 area?
Thnx