It is been observed that the price action was ranging in a symmetrical triangle for a while. Now, the price action finally breaks out from the triangle, indicating strong selling pressure. The price shall now further move down as measured to the height of triangle. Short after a pullback to previous support of the triangle as marked.
CrudeOil would continue going higher till 47.30 levels where it would complete Wave A = Wave C if its a 3 Wave ABC correction and probably start correcting from around those levels and go lower.. If its a 3rd Wave then we might see CrudeOil keep going higher and test the 50 levels again. Details are on the chart. Happy Trading!!