JigneshDavda

Perfect Rejection from TL & 61.8% Fib - Updated Count

FX:USOIL   CFDs on Crude Oil (WTI)
243 2 2
Last week we saw oil             bottom out and correct against the trend (see related idea). It looks like the correction has completed as price saw a sharp rejection from the Daily Trendline and 61.8% Fib. It looks like we are once again resuming the downtrend.

Chart includes updated wave count.

Please check the related ideas for the overall picture.
Which wave theory are you using? I am sure it is not Elliott wave theory.
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JigneshDavda zhipengcfel
Elliott Wave corrective structures - I could have labelled them as double zigzag's, but have labelled as structures of different degrees instead.
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