In a Horizontal Triangle each of the five sub waves must subdivide into three wave patterns or a variation of a three wave pattern. In this triangle waves "C" and "E" are single Zigzags. Waves "A", 'B", and "D" are double zigzags.
Also the latest Commitment of Traders Report shows the Commercials still have a very large short positions.
You want to follow the Commercials they have the most money.
in your count - last wave e should be 5w not 3w
i rather see it completely different as big traingle in progress, what u have as w3 looks to me triple zigzag wave B and we are now in last E up, in wave c
2yrs channel in challange just now and all indies gathering momentum and i would not be surprised to hit yearly r1 before terminating triangle and resuming down
lets see, cheers
p.s. like your spx count, looks very nice :)
Thanks very much for commenting on my posts.
I've learned the Elliott Wave Theory from the Frost & Prechter book "Elliott Wave Principle" They derived almost all of the wave patterns illustrated in the book
from the work of R.N Elliott. Subsequent to the publishing of the "Elliott Wave Principle" some analysts have developed their own interpretation of the wave theory
and have developed their own wave patterns. I'm assuming you've learned the wave theory from some source other than the "Elliott Wave Principle" because the wave
count you've illustrated for Crude Oil is not one of the patterns in the Frost & Prechter book or anything written by R.N Elliott. Therefore I'm unfamiliar with the pattern you have illustrated,
never read prechter, which is btw. known also through his notorious bad trading decisions...
doesnt matter, my count is based on observation that what u describe as w3 with low has not w5 terminal impulse structure by any means... so its b from w4