OIl might be tracing out a triangle formation as shown above. Triangles are common as 4th wave formations according to Elliott Wave Theory. Failure to break through the upper green line will be a good short opportunity and failure to break the bottom green line a good long opportunity. Once wave E is complete a move higher in wave 5 would be expected before a larger scale correction takes place in the oil market. First we'll have to see what happens on Monday vis a vis the upper green line.
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