jdemunter
Long

Oil : Trying to find the bottom

FX:USOIL   Crude Oil (WTI)
In the previous post i was looking for a big move up, but price went lower instead. Price is now again at an interesting level. In the count above I have price from 62.56 in a double three with both legs equal ( most common in double threes = 100% or 76.4% ) where the decline itself is part of a last leg inside a bigger double three from 114.95. Here however wave Y is only 50% of wave W, which is less common.

snapshot


The ending diagonal idea is still valid but can't go below 21.70.

Best of luck and be careful if you decide to try and catch this falling knife.

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