possible crude oil elliot wave count?

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Light Crude Oil August 2-hour chart

Oil120626

Pattern: the completion of a triangle [a,b,c,d,e] for wave (4) is followed by a decline which is wave (5). Note prices have found resistance each time they rose above the 55-120min moving average.

Next move: wave (5) down but if Crude Oil rallies the previous support at 81 has become resistance and the 55-120min moving average is providing resistance at 80.30.

Short term Target – $75

Courtesy of www.bettertrader.co.uk, click here for link

 

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