Due to the fantastic impulse looking really we can get dazzled by it and completely miss a potential triangle in progress. We don't know if it will happen, but if it were true, then this is a screaming sell in crude oil.
Besides, when something is pointing up near vertical it's always a good time to sell. Of course, if the trader has just jumped on the oil bandwagon well he is just going to get forced out with a guaranteed loss. If this trend starts to go sideways, then the triangle could be a false reading.
But if the triangle comes in then there will be another opportunity to go long, of course you would be trying to catch a falling knife. At the end you would be catching a "C" wave falling knife. Now you know why I will not give out trade setups because not enough readers all check in at the same time, and fewer yet have experience catching a falling knife.
We had two crashes in the past two weeks or so that would classify as catching a falling knife and they turned into pretty decent reversals. Of course in the real world and with real money there is much more fear involved. I trade a very small real money Forex account and a virtual $100,000 account all the time, and when you take a position that is too large and we are wrong, then we also pay for it in a big way.