Crude oil (CL) is still stuck in the range since the end of June, and this fits better with a triangle rather than a bearish 1-2, 1-2 setup. If correct, then price is now in wave E, the final leg of this triangle, which could stop at the 61.8% level around 64. A reversal down from here and a break below 63 would be the first signal that bears are in play for new lows, which I think will sooner or later show up around 59–60 per barrel, where the wave B drop from the June highs could come to an end.
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