i dont think so its a channel sir. Its a trendline and now it broke at 5th point. It will touch 59.66 due to formation of cypher pattern in 4th hr. can you update your Elliott wave accordingly and let me know future view. Im looking for a crash upto 33 to 27$ until dec 31. Im trying to learn elliott wave.
@Manish_Bhardwaj, okie.my monthly last target is 45$ sir. but since monthly chart is in triangle pattern and taking note on previous incidences. crude has always fell frm -may-jun untill aug. if the fall continues in sep then it continues till dec 31. also keeping note of current scenario in worldwide market fundamental analysis crude has to fall below and take support at 33 to 27$ just to keep hold on them coz the move to renewable energy and electric vehicles are being forced into action.its only the energy producing sectors will hold crude at its position. coz they have very long wave to go to fully change as their dependent mainly on oil,coal and nuclear. thats why im looking for it to fall big. if 59$ mark doesnt break then there will be a big crash. if 59 breaks then it will touch new high.