AndyM
Long

A rare leading diagonal in USOIL, more upside on EUR bounce

FX:UKOIL   Crude Oil (Brent)
Good morning all,

We may have a pleasure to observe a good quality leading diagonal in USOIL             , which is a relatively rare pattern.
Leading diagonals appear in wave 1 or wave A position in impulses or corrective stuctures, and consist of 5 overlapping waves all of the waves being zigzags (sometimes waves 1-3-5 are impulses).

Leading diagonals are usually deeply retraced, but once retraced, the advance resumes.

With Brent forming this structure and WTI showing good signs of a developing impulse I see this structure as a good start for an uptrend.

Waiting for a bounce in EUR to support this move up.

Retrace seems done.
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I think its duble zigzag in wave of v (c) and now we in wave of v
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Aren't leading diagonals still 5,3,5,3,5 structures, just overlapping? I believe that is the distinction between ending vs. leading
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AndyM PRO NickCoulby
both ending and leading diagonals are 3-3-3-3-3, but leading can sometimes be 5-3-5-3-5
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Thanks for clearing that discretion up for me!
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Ah, well I was always in doubt with that one. :)
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It can be wave and of iv zigzag. How do you think?
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Nice one.
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AndyM PRO IvanLabrie
Beautiful!
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Cheaper GBPUSD incoming.
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