1-18-14

click to enlarge

Brent has been trading in a Symmetical Triangle, tested the recent top twice and probably will test the bottom a third. One point of concern is the 'M' formation at the end of the Triangle....that's normaly a Bad Omen,if the Price action drops through the bottom support it may fall Hard.

The actual Beginning of the Fall in the Market in 2007-08 Started in just this manner. An extended looking Symmetrical Triangle with Elliot wavers arguing over the wave number and direction. The Price then fell through and bounced and retested the bottom of the Triangle. .....(turn out the lights).

I do not believe the Market will turn on this same type Pattern this time mainly because we are in Wave 5.
Either a Coupla or a Top H&S pattern or a Intermediate wave (iii) pullback, deep, of at least 10% or more for an wave (iv) Intermediate ,then the wave (v) of ((V)) forming a double top. The Square of nine timing for a Zero degree alignment of the 113 weeks, wave III pattern is in June 2014. The Wave (iii) intermediate should be close at hand, but every wave has extended to an amazing Fibonacci ratio projections.When wave (iii) gets here I got a feeling we will know it!