View: OIL: Update of the Short Term EWP | The wave trading

On July 3 I posted the “project” of a potential Triangle wave (X) or (B).

So far the potential Triangle can pan out if we get a deeper pullback towards at least the 200 w MA which stands at 82.32

Now we have a very interesting bearish set up.

As we can see in the daily chart below price could have completed a triangle wave (B). If this pattern is correct then the  next wave (C) down has an equality extension target at 83.74

In addition we could even consider that price is on the verge of completing a large H&S with the neckline at 88.09

The H&S has a theoretical target at 75.14 (if this target is achieved then it would kill the Triangle wave (X) / (B) project).

I don´t have much confidence on the H&S pattern, but I do think that the a thrust down (wave C) out of the Triangle is a very possible short term scenario.

Below in the 120 min chart I have a detaile labeling of the set up