Weekly chart crude oil (light).
From the impulse wave in 2011, uptrend, there has been a lengthy consolidation till now.
The pattern of the consolidation obviously approaches that of a triangle, two converging trend lines.
Currently, the convergence is approaching the apex of the triangle.
With Elliot's wave counts, the triangle has actually completed subwaves a-b-c-d-e.
From the point of subwave e, there is a minor uptrend.
Overall, crude oil will either blast off in a new impulse wave or will meet resistance at the high of 2011 and retreat into another correction.
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