USOIL EW Analysis - Bullish triangle almost set to rally.

13 בפבר׳ 2015

Oil is in wave iv of a very large and rapid decent. After picking the bottom ending diagonal I published a chart describing an abc that needed to take us higher to set wave iv in place. This is an adjusted count catering for what seems to be a triangle pattern unfolding in 3s forming in wave B position. This still implies upside to the $60 area although upside is very limited past that. Triangles are terminal moves so this will likely produce a trend going short signal when complete.