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

FX:USOIL   Crude Oil (WTI)
414 2 11
a year 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.
a year 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
a year ago
Especially if A is lower than 4
SergeantPringles andberg
a year 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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