Please see my last post here first: http://theelliottwavesufer.blogspot.dk/2013/06/is-black-gold-finally-coming-to-live.html
Crude Oil failed to sustain its break above the possible triangle resistance-line. Last week price-action is actually very bearish. Not alone did the possible break above the resistance-line fail, but we also had a bearish engulfing pattern. This could be the type of action we need to really get Things going here. The failure break and quick reversal back into the triangle could be a warning, that a new wave of declines should be expected. To confirm a more bearish Picture we need a break below 91.05.
That said, I have found the price-action in Crude oil very dull for a long time, but it seems thing might be changing. For now we don't really know if it's a "boy" or a "girl" only time will tell, but this is not a commodity to trade without having your stops in place, but then you should always have your stops in place.
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