Triangle in Crude can lead to lower levels (Elliott Wave)
Updated
The current progression being sideways and overlapping seems to be a Triangle formation with the current progression being in the Wave (d) of the same.
If this is the count market is following then once we have the Wave (e) complete to the upside we can expect down move for Wave .v which can take the same to
Targets : T1 : 65.94
T2 : 64.09
with SL : Current Invalidation level : 70.18.
However once Wave (e) is complete we can move the SL above the same and reduce risk.
Hence for now wait and watch for possible Wave (e) formation and we may have a good shorting opportunity on hand here.
If this is the count market is following then once we have the Wave (e) complete to the upside we can expect down move for Wave .v which can take the same to
Targets : T1 : 65.94
T2 : 64.09
with SL : Current Invalidation level : 70.18.
However once Wave (e) is complete we can move the SL above the same and reduce risk.
Hence for now wait and watch for possible Wave (e) formation and we may have a good shorting opportunity on hand here.
Note
Another possible scenario is of Wave iv being a Complex Correction, w-x-y, however the same needs further evidence : Note
Waiting for W.(e) formation to enter shorts : 
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Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
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