OIL WAVE COUNT: TRIANGLE COMPLETE, Watch for Wave-((I))-of-3!

Hey traders! Looks as though we have a completion of the symmetrical triangle here on oil. The price action after the breakout looks as though we could see a leading diagonal and a pullback to wave 2 of the diagonal will make for a great entry (updates to come). A bearish butterfly pattern is nearing completion in the PRZ of a potential wave-((I))-of-3 as well which is nice. Keep in mind that further sideways movement is not out of the question, and to keep all options open. However, I do like a long here toward wave-3. I will be buying on a pullback if the opportunity presents itself. Happy trading

Commentaire:

Hey traders! Price is quickly approaching potential reversal area for the butterfly. Keep an eye out for these levels: