forker
Short

CL - Crude ready for the final move?

NYMEX:CL1!   Light Crude Oil Futures
300 5 10
The yellow down fork describes the path to the south.
Two times, crude failed to reach the centerline.
In Allen Andrews writings i remember a sentence, that if price fails two times to reach the centerline, it's most often a sign of more strength in the original direction.

With the new blue fork, we see the following:
- price failed to reach it's centerline.
- price came back and respected the L-MLH, where in the second attempt it broke it followed by

1) Breakout of the L-MLH
2) Test of the L-MLH
...which so far is textbook like.

We can even take into consideration the 0-5 count from the b point of the blue fork.
if so, we would be at P4, followed by the last an final move down to P5.

The short scenario i show in the chart is just one simple way to play it.
Maybe a RiskReversal would also come in to consideration, or a plain BearCallSpread.

P!
Comment: As of 23. Sept. 18:15 - Crude is acting as expected, bounced it's head at the L-MLH and now pushing down into the down sloping Fork again.

Maybe with this up-shoot, little more then i thought, we have a potential shift to the right, which means, our PTG is probably not the centerline anymore, but the equal shift to the right. Courious if price will close in the fork or outside...
Comment: Close inside the down sloping fork indicating a very good chance that we will see crude much lower very soon - Always remember: Price is reaching the centerline over 80% of time...

P!
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excuse me how is wave 4 overlapping wave 2 ? i think you are confusing 123 ass wave (A) , then 123 up (B) then C down
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forker Cruddest
Hi Cruddest.

This is because these count has nothing to do with Elliot Waves.
See above answer for @aesigomes.

Cheers.
Reply
Cruddest forker
ahh thank you
Reply
Hello Emilio!
What is the colored balls on the graph?
Reply
forker aesigomes
Hi aesignomes.
If you mean the count 0-5, it is part of the Allen Andrews Action/Reaction method.
On P(ivot) 4 you can expect a final move to P5.

Cheers.
Reply
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