Here is my EW analysis for Crude.
For the green waves, wave 3 is 2.618 of wave 1, wave 4 is 0.382 of wave 3, wave 5 is 1.618 of wave 4.
It's based on the idea that the circled waves are waves 1 and 2 of the larger 3, since they can't be waves 3 and 4 following the first two waves as wave 4 cannot finish below wave 1.
The waves within wave 3 (black waves) are, wave 2 is 0.618 of wave 1, wave 3 is 1.618 of wave 1, wave 4 is 0.618 of wave 3 and wave 5 is 1.618 of wave 4.
The ABC correction completes the handle of the cup and handle pattern.
Very new to EW so please, any EW pros out there please feel free to comment.
For the green waves, wave 3 is 2.618 of wave 1, wave 4 is 0.382 of wave 3, wave 5 is 1.618 of wave 4.
It's based on the idea that the circled waves are waves 1 and 2 of the larger 3, since they can't be waves 3 and 4 following the first two waves as wave 4 cannot finish below wave 1.
The waves within wave 3 (black waves) are, wave 2 is 0.618 of wave 1, wave 3 is 1.618 of wave 1, wave 4 is 0.618 of wave 3 and wave 5 is 1.618 of wave 4.
The ABC correction completes the handle of the cup and handle pattern.
Very new to EW so please, any EW pros out there please feel free to comment.