I have one long position at 55 i added another at 56 both positions have sl on profit below wedge Basically price is in a wedge it can break on either side however i'm thinking to the upside.
I agree. And since symmetrical triangles are continuation patterns, more then likely oil will break out to the upside (since oil has been trending upwards for the past 6 months). That being said, I agree with your chart, that WTI could break back lower where it hits the lower line of the triangle, before angling higher and then breaking out. When WTI breaks out, we could easily see low $60's before it hits resistance again.