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Joseph_King
Aug 11, 2018 5:11 PM

Crude Oil Elliott Wave Idea 

WTI CRUDE OILTVC

Description

A bearish alternative to this idea >


And smaller timeframe analysis to this theory >


I think it's possible that Fridays movement was an ABC to complete a larger degree wave 4. If you look on the 5m chart here >
You can see 5 waves up (orange) before a pull back to the .236 level then up for one more wave which could be C; from the top there appears to be a starting wedge for what could be wave 1 down.

The key level for this theory to play out is Fridays high, above that level then the move is invalid (wave 2 crossing wave 1 starting point).

Comment

Invalid now a Fridays high broken.

Comment

THis turned out to be the right idea, I miscounted the ABC before the new high
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