SergeantPringles
Short

OIL - 4H - Sharkpattern forecasting an upcoming abc correction??

FX:USOIL   Crude Oil (WTI)
414 2 11
10 months ago
I already expected the recent downmove to be the start of a bigger abc correction but we spiked higher. now we reached the PRZ of the shark which will be a key zone an i think a good chance that we might see the anticipated abc correction (finally)
How big this might be will show, but i think the lines shown in the picture are the minium size. but techically C could very well go further down.
10 months ago
Comment: good spike up today. i attempted the first short earlier this morning based on the break of the trendline of the 4-5 (5th wave) move but did got stopped out for breakeven. after that only upward momentum. wave 5 can very well still go up to the 42 area before i see the correction starting.
keep an eye out for trendline violations in the 5th wave to get an indication that the correction is starting.
andberg PRO
10 months ago
Especially if A is lower than 4
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SergeantPringles andberg
10 months ago
yup. and the recent 5 wave impulse was super bullish. tho i dont for sure that a strong bull market necessarily means that the correction (if it happens) will be bigger but one might think that. i guess (like you said) the A wave will give us more information about where the correction will go.
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