IgnatBorisenko
Long

CRUDE OIL - ended correction

FX:USOIL   Crude Oil (WTI)
There's an ended zigzag with a diagonal triangle in wave . So, there's an opportunity to have a bullish impulse.
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What is your idea mate?
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how 3 is the smallest
+1 Reply
Actually, it's not ))
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naveed IgnatBorisenko
your count is great but unfortunately it violates the EW rules by tiny fraction



http://imgur.com/a/mcESZ
+1 Reply
naveed naveed
https://www.tradingview.com/chart/2VChJLPZ/
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You have wrong lows here.
Low of wave (3) is 37,73
Low of wave (5) is 26,03

So, wave (3) = wave (5) :)
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naveed IgnatBorisenko
those numbers are generated automatically (hi and low of the moves) by tradingview macros based on the actual data -its not my visual observation- hence my point.. your count does make a lot of sense except for this anomaly.
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Just check the actual low of this bars and you'll see that your lows are incorrect :)
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naveed IgnatBorisenko
yes when i go to hour read your lows are correct but its happening on both waves 3 and 5 (lower low) so 5 is still coming out to be great than 3 -
anyway interestingly the actual low was 25.11 and not in 26s ( i was trading oil that day so i know). it was second last day of that month contract so these charting service provider shift to the next contract a day or two earlier before they expire. by that measure the 5 of your diagonal is definitely longer than 3 but i am not sure how this factor in EW count
+1 Reply
You know, we could also wave (4) in a form of a double three :) In this case, there's no more issues with the shortest wave (3) ))

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Gorbie IgnatBorisenko
Wave 3 cannot be the shortest one and it’s usually the strongest. It should extend 1.618 Fibonacci extension of wave 1 and it could go up to 2.618 Fib extension or more.
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I know rules. Wave 3 isn't the shortest here. Moreover, it's so rare to have the strongest third wave in a diagonal triangle, which was taking place here.
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