Crude Oil has Formed a Megaphone Bottom (Blue) within its Red Falling Megaphone
Oil has formed a megaphone (blue) within its red falling megaphone, which is the last wave down of a big falling wedge on its daily that needs a sideways megaphone to complete.
The little blue megaphone is too small to be the megaphone required by the falling wedge on the daily. That means the blue megaphone is likely just the start of a larger bottoming megaphone.
Oil Needs a Megaphone Bottom on its Blue Falling Wedge to Complete
Basically oil needs to work its way sideways for a breakout from the blue falling wedge. The first stab at a breakout would usually be a fake.
The eventual breakout from the blue falling wedge will target at least the level of the top touch on its top.