Crude Oil

In a bullish alternate view on the weekly chart frame, it appears that the  A – Triangle B – C  formation as a possible wave (B) of B(circled), could be completed.

The expected fibo-expansion target for the wave C, could be on the last low at 43.20 where could be established ratio of 1.618 with wave A of the A – Triangle B – C formation.

Note :  The internals of the wave B exceeded the limits of a triangle in its third wave. However, I currently prefer to treat the pattern as a triangle, because it is a neat solution for counting the sequence of one larger degree.

Crude Oil - Weekly

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2 thoughts on “Crude Oil

  1. Elnaz Parvizkhani

    I’m astonished about how precisely you are following the Wave Principles and Guidelines 🙂
    I always learn from you even through this long distance 🙂 well done!
    what’s your idea about considering the wave B of (B) as a running flat? Therefore the top of wave c of the current triangle wave B will be the top of supposing wave B.
    and then we should wait for the fourth and fifth wave of the C during these coming weeks.

    Reply
    1. elliottchart Post author

      Thank you, dear Eliz for the great view!

      I like your excellent idea on the subsequent of sequence C, the ongoing fourth-wave and fifth wave down ahead. however, it doesn’t fit so good with the supposed concept as the ongoing wave B(circled), on the monthly chart.

      Reply

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