#Oil bullish wave 5 to come

5天前

Hi folks, hope you're doing well.

Looking at oil, we can identify a clear 3-wave bullish move. In my view, the price is currently forming a wave C of wave 4.

Following this, we can anticipate the start of wave 5. Historically, in commodities, wave 5 is often the extended wave, which means, if we're correct, this setup offers a favorable risk-to-reward ratio.

According to Elliott Wave's rule of alternation, since wave 2 was sharp and quick, we can expect wave 4 to be more shallow and prolonged in duration.

It seems that wave 4 is developing into a zigzag pattern, and if that's the case, we might see the price dip slightly below the bottom of wave A.

4天前

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Price has reached the area of interest, now we should be looking for a bottoming formations. Something which tells us that price formed a floor and its ready to go higher.

3天前

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its safe to say with a high probability that wave C has completed. and we should br looking for a bottoming formation and confluences to go long

前天

订单已取消

It seems we may have a bullish move from this point. However, since wave 4 has overlapped with wave 1, this Elliott wave count is no longer valid. Best of luck!