Crude oil made a deep pullback last week, but price did not break beneath 56.47 low, so our view is still bullish, but with adjusted wave count. What we see on the chart is unfolding triangle in wave (iv), which should send price much higher after a completion of waves d) and e).
Crude Oil 4h Elliott Wave Analysis
Elliott Wave Education: Triangle Pattern
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding, depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3