AbhishekHSinghCMT
Long

QM1!- Likely a bottom in 4th wave@43$- look for 5th Wave@50$ +

NYMEX_MINI:QM1!   E-MINI LIGHT CRUDE OIL FUTURES
150 0 9
From previous update,

Oil- I am still open for 52.50-52.80 Handle in last tranche


At 47.35$ -I expected that we shall see some more correction downside till 45.50-45.70$ in c-wave of 4th Wave. We got that move exactly as expected but it got extended & even went below 1st wave top which is likely not permitted as it is violation of Elliottwave rules- 4th wave cannot enter 1st wave territory or 1st wave top@43.52$.

Well, I have modified my count The reversal which I was expecting is giving me a hint that Oil             has likely put a low c-wave of 4th wave@43$- so keeping that as key level & 41.10$ as critical level - we shall be looking for 5th wave advance in the zone 51-52$.

Here, as there is an overlap - I am considering this structure as an expanding leading diagonal.

Regards,
Abhishek H. Singh, CMT
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
+919833996865 | LinkedIn
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