This long consolidation appears to shape as a triangle so far
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US could exit Iran deal as early as next month. Quarterly certification in mid Month, Trump was aggressive yesterday. Could that be the MidEast catalyst I have been looking for?
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More indirect signs of rising MidEast tension plus LT cycles turning bullish. Good so far
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Solid, more and more triangle like which of course means one larger wave missing
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Good bounce from 55 wma and Iranian decision coming soon. Appears to me triangle on the way to be completed
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Oil appears to be ready for a new upleg or close to completing the consolidation
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Next week we have Oct 26 and oil is ready to breakout finally from this long long consolidation
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Oil at multiyear downtrend resistance. If overcome (base case) then upside is open initially to mid/high 60s