Small timeframe idea for oil.
Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
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Looks like scenario 2 played out
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Small bounce from 2.618, maybe a wave 3 completing
Couple of options from here I think are possible:
Scenario 1, 5 waves is completed or near completion and correction towards mid $40's or $41 for wave 2 or B before another leg down >
Scenario 2, wave 2 or B is already completed with a slightly different initial count and we're in sub waves of wave 3 or C already, a break above $40,56 would invalidate this count >