TRIANGLE becomes a FLAT

The impending down leg got a bit delayed, but the very fact that OIL is back sub 50 does suggest that our continuing overlapping corrective structure might be valid.
There was another thing we mentioned last time. We talked about a TRIANGLE. And we concluded by saying that TRIANGLES were not fool proof and can be explained by time cycles. What we meant was that even though TRIANGLE is an Elliott Wave pattern, which is one among the 13 patterns listed by Ralph N Elliott in 1938 in ‘The Law of Nature’, the list of patterns could be further simplified.
Just like we mentioned in ‘A DOW THEORY’, TIME also can simplify the Elliott Wave Theory. It’s time that decides or governs what formation a price might take, whether the prices will remain a TRIANGLE or become a FLAT. What we as market traders, investors and researchers need to understand is that TIME is against everything and comprehension of TIME is what can keep us on the right side more often that not.
Coming back to OIL, the ANTICIPATED TRIANGLE seems to metamorphose into another continuation formation FLAT (A-B-C). The C wave is always impulsive, so there is a thin line dividing the corrective up more from the first up leg of a reversal trend. But we would still continue to look at another week of negativity before jumping on the positivity bandwagon on the OIL complex. The characteristics of this fall will tell us whether we have a few weeks of anticipated bottoming still pending or the worst for Oil is over. The latest WAVES.OIL carries our other ANTICIPATED and HAPPENED cases.
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