benchch

USOIL in short term 5 wave down trend

FX:USOIL   CFDs on Crude Oil (WTI)
Looks like it was just a simple ABC correction turning out to be an expanded flat. If that is the end of the correction the (X) wave in the previous chart is an impulse wave starting a new 5 wave down trend. Looks like the 3rd wave could have already finished. I expect the 5th wave to end around 45.31. Will wait to see how the 4th wave unfolds.
snapshot
Wave 5 finished. Came up short of where expected. Now In 4th wave of one degree higher structure.
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snapshot
If this count proves correct; Then we have another 2 waves left. Rule of alternation suggests a complex wave for wave 4. And unless the 5th wave is truncated we are going lower. Rough target line drawn.
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Looking promising. The end of wave 4 to the target for wave 5 is the same distance in price as wave 1

snapshot
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Didn't mean for this to be a new post. Was meant to be an amendment to a previous post. Still getting used to this format
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