Possible end of the big decline. Basic and ALT for the upside
There was a substantial decline, though It looks like there is at least intermediate bottom is in place.
Basic - there were a lot of overlaps, the only way I see to mark that as a motive wave is to label it as a diagonal. But there are threes inside. This supposes at least some rise ahead.
ALT there was some WXY decline. So there is a substantial rise ahead above the previous high.
I would not write that there is a perfect impulse to the upside, but my theory is that there was an orthodox low (truncated one). If that is the case then there is an impulse up and now corrective decline in the process.
Basic - there were a lot of overlaps, the only way I see to mark that as a motive wave is to label it as a diagonal. But there are threes inside. This supposes at least some rise ahead.
ALT there was some WXY decline. So there is a substantial rise ahead above the previous high.
Comment:
Comment:
Basic - there is wave iv of (i) to the upside. I have changed the basic because there are too many overlaps and there is a possible impulsive rise in the process. It doesn't look to me like any sort of wave 3 anymore.
ALT - there is wave ii in the way bigger upside.
That is questionable if the first impulse is over and now is some second wave or it is still in the process and the current pattern is part of 4-5 structure.
ALT - there is wave ii in the way bigger upside.
That is questionable if the first impulse is over and now is some second wave or it is still in the process and the current pattern is part of 4-5 structure.
Comment:
After one more leg to the downside, it seemed to me like there is need of change in the alt scenario. Also, I have corrected the labeling for the local low in the basic scenario. It is labeled as (v) of ((b)) of 2.
Basic - corrective decline in the iv OR wave ((2))
ALT - first impulse down in the wave (v) of ((b)) of 2.
Basic - corrective decline in the iv OR wave ((2))
ALT - first impulse down in the wave (v) of ((b)) of 2.
Comment:
Change in the Basic.
Basic - Due to the price in the territory of wave i, it could be only wave (ii) of ((c)) of 2 to the downside. The price is close to the channel bottom line and fibbo level 61.8. It is a "do or die" moment for this scenario. Very close to the bottom of the wave (ii)
ALT - Down to the new lows in wave (v)
Basic - Due to the price in the territory of wave i, it could be only wave (ii) of ((c)) of 2 to the downside. The price is close to the channel bottom line and fibbo level 61.8. It is a "do or die" moment for this scenario. Very close to the bottom of the wave (ii)
ALT - Down to the new lows in wave (v)
Comment:
Basic - it could be the end of the correction in wave (ii) of ((c)) of 2. Yet, it is too close to the gap and the pattern to the upside is not that proportional, but that is possible to count as an impulse. It should be clear on the next trading day if that is the case. Because if there is one more bottom, it should take place in the next couple of trading sessions.
ALT - there will be one more bottom below 76.1.
It looks to me that WTI gets into a key moment. Worth of watching closely
ALT - there will be one more bottom below 76.1.
It looks to me that WTI gets into a key moment. Worth of watching closely
Comment:
It is an interesting moment.
I am pretty far from being very clear with the micro count at 15 min. BUT there is a possible triangle and not the move down after of it. This provide enough evidence to claim that at least one more leg to the upside is expected from here
I am pretty far from being very clear with the micro count at 15 min. BUT there is a possible triangle and not the move down after of it. This provide enough evidence to claim that at least one more leg to the upside is expected from here
Comment:
Little update
Basic - could be the first leg in the third wave to the upside, but possible some corrective decline ahead
ALT - It is the end of wave ii of (v) to the downside, possible delcine to the new low ahead.
Be careful with longs here.
Basic - could be the first leg in the third wave to the upside, but possible some corrective decline ahead
ALT - It is the end of wave ii of (v) to the downside, possible delcine to the new low ahead.
Be careful with longs here.
Comment:
The price got down enough to change the basic scenario.
Basic - there is possible wave c of (ii) to the downside is underway. The first leg looks like an impulse to me so there should be a corrective rise and one more leg to the downside. That price gap (yellow channel) could be a potential target BUT not compulsory
ALT - Possible wave iii may have started.
Basic - there is possible wave c of (ii) to the downside is underway. The first leg looks like an impulse to me so there should be a corrective rise and one more leg to the downside. That price gap (yellow channel) could be a potential target BUT not compulsory
ALT - Possible wave iii may have started.
Comment:
Basic - possible corrective rise is close to the end. There is one more leg to the downside in c of (ii).
ALT - possible iii to the downside is underway.
15min timeframe to show the possible impulse down and for now corrective structure of the following rise. Monday trading session will tell the story, worth of watching closely.
ALT - possible iii to the downside is underway.
15min timeframe to show the possible impulse down and for now corrective structure of the following rise. Monday trading session will tell the story, worth of watching closely.
Comment:
Important moment.
Basic - do or die moment. It is supposed to be the very end of the decline in wave ii.
ALT - one more low ahead before the end of wave C.
The gap is finally closed, it is now time to watch for the confirmation of the turn OR just one more low to form.
Basic - do or die moment. It is supposed to be the very end of the decline in wave ii.
ALT - one more low ahead before the end of wave C.
The gap is finally closed, it is now time to watch for the confirmation of the turn OR just one more low to form.
Comment:
There was some rise in price, but yet there is no impulse
Basic - one more leg to the downside. The open question is whether that will be a new low OR just moderately lower.
ALT - the rise has started so this structure needs to develop into an impulsive.
The next trading session will be able to provide enough evidence for a better judgment.
Basic - one more leg to the downside. The open question is whether that will be a new low OR just moderately lower.
ALT - the rise has started so this structure needs to develop into an impulsive.
The next trading session will be able to provide enough evidence for a better judgment.
Comment:
Very big strokes. It is a very messy decline at 1H timeframe with a lot of overlaps. There is a substantial divergence with RSX.
Basic - possible end of the wave ((b)) of 2. There is still only a possible impulsive rise without a corrective decline.
ALT - end of wave C of (2). The only difference with Basic is the bigger potential to the upside.
Basic - possible end of the wave ((b)) of 2. There is still only a possible impulsive rise without a corrective decline.
ALT - end of wave C of (2). The only difference with Basic is the bigger potential to the upside.
