Crude oil is moving sideways for the last few days which now can be a triangle in progress placed in wave (iv). Triangle is a five wave pattern, so be aware of a break to the upside in the next few days as price already made pullback down to 96.70 yesterday that can be wave e), final leg in the pattern.

OIL 4h Elliott Wave Analysis

OIL One Hour

Crude oil is trapped in contracting range in this week but because of five legs it may be a time to be aware of a coming break. This break should be to the upside because of a triangle placed in the middle of a larger uptrend. Break above wave d) will open door for push above $99, ideally towards $100 per barrel.

OIL 1h Elliott Wave Analysis

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