I think we have just completed the wave 4 for BCOUSD, and we're heading towards wave 5.
wave 2 has retraced 30 more than 382, and wave 4 has retraced to more than 382. So it is plausible that wave 4 is over.
Wave 3 has gone o 1.382 fib extension of wave 1, so a possible target for wave 5 is just above 1.618 extension, or around 84$ a barrel.
In a smaller scale I think we have completed wave 5 waves and should retrace back to below 70. So that gonna be our target
This gives a 1.61 risk to reward ratio, which I admit is not a very good one
wave 2 has retraced 30 more than 382, and wave 4 has retraced to more than 382. So it is plausible that wave 4 is over.
Wave 3 has gone o 1.382 fib extension of wave 1, so a possible target for wave 5 is just above 1.618 extension, or around 84$ a barrel.
In a smaller scale I think we have completed wave 5 waves and should retrace back to below 70. So that gonna be our target
This gives a 1.61 risk to reward ratio, which I admit is not a very good one