Carrying on from this idea >
Looks like we have seen the second running flat ABC correction that formed a larger B wave. According to reference material a running flat correction is when price is range bound, wave B terminate below the start point of wave A and wave C terminates above the end point of wave A. Looks like that same pattern has formed in crude.
If that is a flat ABC correction then it should form a higher degree B wave, meaning C wave has started.
Interestingly 1.618 of A wave points to 6710 are for the triple bottom and completion of larger descending triangle.
Looks like we have seen the second running flat ABC correction that formed a larger B wave. According to reference material a running flat correction is when price is range bound, wave B terminate below the start point of wave A and wave C terminates above the end point of wave A. Looks like that same pattern has formed in crude.
If that is a flat ABC correction then it should form a higher degree B wave, meaning C wave has started.
Interestingly 1.618 of A wave points to 6710 are for the triple bottom and completion of larger descending triangle.