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Elliott Wave Analysis: Triangle Pointing Towards 51 On Oil

Published 06/06/2016, 05:35 AM
Updated 07/09/2023, 06:31 AM

Oil is trading at the upper borders of a triangle consolidation of a higher degree. We have all the requirements for a completed triangle since we can count 5 waves in this triangle, so we see a further upside momentum for the fifth wave to continue ideally towards 51 price region. We would like to see a decisive push up and break of the triangle in the next few trading days for this final wave wave up confirmation.

Crude Oil Hourly Chart

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. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.

Basic Triangle Formation:

Triangle Formation

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