alfitec

Double bottom or even lower... Just beginner thougths

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
117 2 5
Ok 5 waves down... not originaly mine...
Looks that after corection wave 5 down should kick in..
Alternatives:
% waes are complete and wave 1 is extended in leading diagonal...
Corection is ABCDE instead of ABC and then from wave iii             becomes wave 3

Funny thing AO peeked in First wave... I dont see any other start...

First Divergence could be a part of leading diagonal divergence
and secound should mark Wave (v) of 3

Comments Welcome... (learned a lot from previous comments)
tbuckle PRO
4 months ago
Can you give a short recap of what you just said in English?
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alfitec tbuckle
4 months ago
Idea is that we are most probably on third wave movement and that we are waiting
for wave 4 (correction) to finish and we should expect wave 5 which can be a failed wave in
which case we will have double bottom,
if not,
it is very likely that head and shoulders will
form and that wave 5 will make newer low... in fact this is more likely then double bottom...

After that we could expect rise in one of 3 forms
1. wave a (corrective)
2. wave (5) of original movement from below 30$
3. big scale wave 3 (I beleive that it is too early for that)

in case 1 we could expect target like 44..46$ didnt try to check.. then fall and then rise abowe previous high....
in case 2 we could expect 50$ minimum
in case 3 whoooouh... 200$ is posible..even more... (intheory of waves) but it will take time...
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