Now we get a chance to try and put some realistic wave counts into the oil again as Millennium Degree will never work. I am working a giant Primary degree "B" wave which contains a triangle. I was hoping that the "D" wave may have been finished, but my impulse wave has disintegrated at this time.
Oil has now made a good looking zigzag decline and I find it very difficult if not impossible, to count out a zigzag in a zigzag bull market, because they rarely happen. They always alternate in pattern. Can it still be part of a wave two bottom? It sure can be but it must perform like it has a rocket stuck up its rear end! Only time will tell if this will happen! Next we could get an "E" wave bull market, which will seal the fate of oil in the short term after it peaks.
Once the triangle is completed, then expect a decline that will break any support we presently have had. Even now if we were in an impulse heading down, oil would have to crash much further to add on the additional waves it needs, to make a good looking impulse decline.