Hello traders!
During the last post we were tracking a triple three correction in cycle wave 2 for OIL. After the 5 legs up from 64, we admitted the possibility of a bottom being in before our expectations (that were at GZ and blue wolfe wave completion around 57-60). However, the impulsive decline we just got from the local top suggested the 5 leg up from 64 to 83.8 were the final leg of an irregular flat in wave b of Z. We are therefore tracking more downside before looking for a buy opportunity. We will carefully study price action in order to assess possible targets. Given the current structure, yellow box is gaining probability with respect to purple box.
Primary count on chart.
We will update here!
Best
GMR
During the last post we were tracking a triple three correction in cycle wave 2 for OIL. After the 5 legs up from 64, we admitted the possibility of a bottom being in before our expectations (that were at GZ and blue wolfe wave completion around 57-60). However, the impulsive decline we just got from the local top suggested the 5 leg up from 64 to 83.8 were the final leg of an irregular flat in wave b of Z. We are therefore tracking more downside before looking for a buy opportunity. We will carefully study price action in order to assess possible targets. Given the current structure, yellow box is gaining probability with respect to purple box.
Primary count on chart.
We will update here!
Best
GMR
Trade active:
73.4 short for final push in wave a of Z
Trade active:
now wating a retracement in the yellow box to add