WTI Crude Oil - A symmetrical Triangle in making

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 WTI Crude Oil hourly chart

Analysis

It is visible from the above chart that prices are moving in a narrow range of $74-$80 and this range is narrowing going ahead thereby opening a symmetrical triangle pattern possibility. As of now there is a chance for the prices to move up from current levels back to test 80$.

From Wave theory Analysis, prices are moving in a symmetrical triangle pattern where prices might have completed wave d on the lower side and it is opening wave e which is the last leg of the triangle pattern on the higher side. This wave can travel towards 80$ going ahead.

The summation is WTI Crude can move towards 80$ if it is in the pattern mentioned above. However, failure to protect the level of $73 will negate the pattern.

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