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.

IvanLabrie PRO
2 years ago
Nice one.
Reply
AndyM PRO IvanLabrie
2 years ago
Beautiful!
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IvanLabrie PRO AndyM
2 years ago
Cheaper GBPUSD incoming.
Reply
IvanLabrie PRO IvanLabrie
2 years ago
snapshot


I want some more of this.
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EvgenK
2 years ago
It can be wave and of iv zigzag. How do you think?
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NickCoulby PRO
2 years ago
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
2 years ago
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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NickCoulby PRO AndyM
2 years ago
Thanks for clearing that discretion up for me!
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IvanLabrie PRO AndyM
2 years ago
Ah, well I was always in doubt with that one. :)
Reply
EvgenK
2 years ago
I think its duble zigzag in wave of v (c) and now we in wave of v
Reply
IvanLabrie PRO
2 years ago
Retrace seems done.
Reply
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