This long consolidation appears to shape as a triangle so far
Catatan
US could exit Iran deal as early as next month. Quarterly certification in mid Month, Trump was aggressive yesterday. Could that be the MidEast catalyst I have been looking for?
Catatan
More indirect signs of rising MidEast tension plus LT cycles turning bullish. Good so far
Catatan
Solid, more and more triangle like which of course means one larger wave missing
Catatan
Good bounce from 55 wma and Iranian decision coming soon. Appears to me triangle on the way to be completed
Catatan
Oil appears to be ready for a new upleg or close to completing the consolidation
Catatan
Next week we have Oct 26 and oil is ready to breakout finally from this long long consolidation
Catatan
Oil at multiyear downtrend resistance. If overcome (base case) then upside is open initially to mid/high 60s
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