Not As Simple as A-B-C: September Crude Oil

Last week I wrote of an observed a-b-c correction unfolding. This turned out to be incorrect as the market has instead chopped around in sideways action to be forming what appears to be a (iv) wave triangle. If the pullback from today’s high of 49.79 is to become the final (e) in the formation it will have to hold up above 48.54 to remain valid. There is staggered support levels ahead of here namely 48.94 and 48.62. If contract can set a good base I’d be looking for an impulsive wave to develop which should carry market to targeted 52.50 level.