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Since the 2016 low oil has made equal measured move corrections. If the choppy price action between summer 2016 and 2017 was an irregular correction we could be at important measured move resistance.
Are we at pivot, or bull flag?
Triangle suggests one more pullback, and possibly even to range low of 42.80. But it looks like it will break 52 next year.
When I drew the tramlines and fib, they matched. I then noticed the gap between the 61.8% and 50% fibs. If you add in support and assume OPEC will agree cuts next week, then you have five pieces of evidence which point to the same thing.