NYMEX:CLX2016   LIGHT CRUDE OIL FUTURES (NOV 2016)
Wave turns out to be a double zigzag , so a new local low is possible soon
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Does this pattern stil holds for you ?
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How can you rule out this is not a 3-3-5 flat correction instead?
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naveed coolingla
because the move from 39 to 50 is more of 3 waves....making it look like 5 waves is a forced count
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It doesn't look like a forced count now, does it?

EW analysis is prone to errors and confusions. Almost every wave count has alternative count. So I seldom rely on EW alone.
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naveed coolingla
very true. ew is very subjective- to this point i can count the move up from 26 as a and now we are in c or this move up from 39 can also be counted as abc... i do see an inverse HS forming though
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i have thought about this formation also. it could be a LD (the fifth wave down) also for the move down
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naveed naveed
i guess if the fifth move down is the shorted that may confirm the LD
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naveed naveed
shortest
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