Update to previous ideas on correction in crude oil >
I previously had this down as an ABC but that doesn't seem to fit anymore so its possible that it is a WXY.
Previously I had the first section as A with a WXYXZ correction but as per the rules for WXY W must be a zig-zag and looking at it again it is possible >
A had 5 waves with a starting wedge wave 1 and a .236 correction for wave 4.
X can be any type of pattern and that appears to be WXY with Y completing at the 1.272 extension of W >
Z must be a zig-zag and must be, at minimum, equal or bigger than wave X which puts it back to 6785 which is the 1.414 extension of W. A of X must be a starting wedge or impulsive 5 waves and it appears there could be a wedge >
So its possible we're in wave B of Y now with C to follow to at least 6785.
I previously had this down as an ABC but that doesn't seem to fit anymore so its possible that it is a WXY.
Previously I had the first section as A with a WXYXZ correction but as per the rules for WXY W must be a zig-zag and looking at it again it is possible >
X can be any type of pattern and that appears to be WXY with Y completing at the 1.272 extension of W >
Z must be a zig-zag and must be, at minimum, equal or bigger than wave X which puts it back to 6785 which is the 1.414 extension of W. A of X must be a starting wedge or impulsive 5 waves and it appears there could be a wedge >
So its possible we're in wave B of Y now with C to follow to at least 6785.
Comment:
May have just completed A an B waves >
Alternatively ABC completed with a ending diagonal for C >
Many options
Comment:
Possibly in C now
Comment:
Target reached
Comment:
6690 broken, this bullish count invalid now.