Crude oil is forming a triangle as primary wave 4.
Triangles can have at most only one complex subwave. Four of the five subwaves must be zigzags. It appears that wave B developed as a double zigzag and, thus, occupies the only allowable complex wave. As a result, waves A, C, D, and E must develop as zigzags. Waves A and C have already completed zigzags and we can assume waves D and E will as well.
We are currently in the middle of minor wave A of intermediate wave D. Minor wave A must form a minute degree impulse or leading diagonal before beginning minor wave B.
Triangles can have at most only one complex subwave. Four of the five subwaves must be zigzags. It appears that wave B developed as a double zigzag and, thus, occupies the only allowable complex wave. As a result, waves A, C, D, and E must develop as zigzags. Waves A and C have already completed zigzags and we can assume waves D and E will as well.
We are currently in the middle of minor wave A of intermediate wave D. Minor wave A must form a minute degree impulse or leading diagonal before beginning minor wave B.
Note
Also, if we look at crude oil's seasonality over the past 39 years, we find that buying crude oil on July 10 and selling on July 15 has resulted in profitable trades 64.1% of the time. This seasonal pattern seems to also match this year's Elliott wave pattern.Note
With oil's new low on July 14, I no longer believe this to be the most probable count. Here is an updated analysis:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.