Lower timeframe of this idea >
Looks like a big wedge (ending diagonal) is forming which could be for wave 5 of C (C shown in the link above in green) which could mean that the down trend in crude oil price is nearing an end.
Ending diagonal often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam (15$ drop in 4 weeks or so fits this).
Wave 4 and wave 1 can overlap but here they haven't but I believe that is a guideline, not a rule for ending diagonals.
Looks like a big wedge (ending diagonal) is forming which could be for wave 5 of C (C shown in the link above in green) which could mean that the down trend in crude oil price is nearing an end.
Ending diagonal often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam (15$ drop in 4 weeks or so fits this).
Wave 4 and wave 1 can overlap but here they haven't but I believe that is a guideline, not a rule for ending diagonals.