Looking at D1 chart we see an expanded could be forming for wave 4 circled. The AO also shows double divergence:
Im trying to pinpoing an entry on H1 chart, price is making an retracement to last highs.
I assume wave 1 blue is a .
Details on chart.
But yeah, I agree with AndyM in that I still do think that there is another swing up left in this pair to FINALLY complete the final leg of the long term up move. And then down we go! When crude hits 36-38, it won't, can't go any lower.
We need to see the development over the course of the next two week, but the analytics from EWI and cycles research of Tim Wood (not West) suggest that the current decline is supposed to retraced all SPX gains down to below 670. I tend to believe them and place my bets on that scenario.
We have the second, so I see no way that this is a 4th wave.