I stretched this chart to include my last major top which I think was a 4th wave. Then the another big decline started that has not shown the oil bulls any mercy. To say the least it has been relentless in the decline. Our recent bottom and the potential impulse wave turned into a bust so I am still looking at a potential bearish rally.
I keep my trend lines parallel between a minimum of two places on the charts as I try not to create artificial throw-over or throw-under
charts. Beside trend line don't work that well for diagonal trends.
We may get a small triangle or just a wild zigzag but I think a bigger counter rally should still happen. If the 4th wave diagonal plays out, then another three
wave crash to new lows, should also happen.