Triangle in Crude can lead to lower levels (Elliott Wave)The current progression being sideways and overlapping seems to be a Triangle formation with the current progression being in the Wave (d) of the same.
If this is the count market is following then once we have the Wave (e) complete to the upside we can expect down move for Wave .v which can take the same to
Targets : T1 : 65.94
T2 : 64.09
with SL : Current Invalidation level : 70.18.
However once Wave (e) is complete we can move the SL above the same and reduce risk.
Hence for now wait and watch for possible Wave (e) formation and we may have a good shorting opportunity on hand here.
