Let me take a look.
I think there's plenty of downside in oil still though.
IvanLabrie
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aibek
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Mucho gracias amigo!
IvanLabrie
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Had a significant drop so far, I think the downtrend is starting, similar to all other stock market indices.
aibek
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Hola amigo! Thanks for like and comment!
Wave C of correction already exceeded the 1.618 ratio down compared to A.
I think we are somewhere at the end of corrective downmove.
Best wishes!
IvanLabrie
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This is a pattern that I think won't work too well with traditional Elliott Wave, hence my disagreement, but there is a nice setup, to long oil and short S&P500 due to the extremely wide spread (I'm short both though)
aibek
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Thank you for sharing your setup! Let's wait and see!
IvanLabrie
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Thanks for reminding me of checking this one. It's interesting, but I'm not trading it.
Cheers!
UnknownUnicorn163516
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Hello, Aibek! Thank you for a chart. And what is about big picture here? I see that C wave is over near 600. So, thats next - 5 waves upward or something else?
aibek
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Hi, Vladislav! Thank you for like and comment!
It could be 3-3-5 model. We are in a C of larger (A). Then we can see a pullback in wave B and only then we can see 5 waves up in a large C.
Watch oil it will show the way.
I think there's plenty of downside in oil still though.