OIL: The Trianle Wave (X) Scenario
On July 3 I revised my long-term scenario and I discussed the option that price could be unfolding a potential large Triangle wave (X).
I mentioned that if price was involved in the wave (D) of the assumed Triangle idea price should have reached at least the range 96.90 - 97.89
Well today price seems to have reversed at the top of the expected range outlining in the chart, so far, a bearish weekly reversal Spinning Top.
If this scenario plays out then price will erase most of the gains off the June lows with a corrective wave (E) that is expected to establish an important bottom.
The internal structure of the up leg off the June 28 is corrective although It is not an easy one to label..
Maybe we could have a Zig Zag with the wave (C) having completed an Ending Diagonal: