Crude Oil Daily Chart
posted Mar 1, 2006 at 01:15AM
If the triangle is the underlying structure of this corrective period then one can expect a "d" wave affair that takes us to 67-68 before taking one more pause.
If the price falls below $57 for three consecutive days then the triangle is invalidated. We are then probably looking at a "c" wave to finish off the correction.
The "c" wave should be a three wave affair but can be a five wave affair. I cannot see the latter unless peace breaks out in the Middle East and I would not be making that bet.