AndyM
Short

WTI ready to plunge, flat correction is almost over

FX:USOIL   Crude Oil (WTI)
77 6 2
WTI seems to be completing a flat correction with ending diagonal in wave C. I suspect this is going to be over in a matter of hours and we will see wave 3 unfold very fast with the targets of below 47. Entry: 50.60, SL = 50.85, TP = 46.5.
dojitrader
2 years ago
I was wondering what you think of the extremely small size/breath of the proposed
C leg in relation to the A and B leg ?
I'd have to double check, but, I don't think you can call it a valid flat when C leg
does not even come close to A ?
Perhaps the diagonal is a leading diagonal 1st leg of 5 for C ?
Just curious on your thoughts ~~~~~
Wishing you lots of pips in 2015 !!!!
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AndyM PRO
2 years ago
Yeah, it seemed suspicious to me too, but I guess I had some wishful thinking here )) The diagonal has just transitioned into a small correction, so the initial scenario broke down. So we either are going to see another 3, or a full proof 5-wave impulse. As a risk management I am constantly checking for wave formations for WTI that would enable it to move further up, but I don't see any, so I suspect the only way is down, but no real clue of how exactly this is going to happen.
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AndyM PRO
2 years ago
Thanks for the wishes, same to you :)
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dojitrader
2 years ago
Well, price action certainly acted like an ending diagonal.
I'll be damned if I can propose a labeling that makes valid, harmonic sense.
Maybe a c of B Or C of 2 of (3)
Perhaps the day will yield more info and provide some clarity
for next week.
Have a good weekend !!!!!!!!!!!!!!!!!!!!!!!!
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AndyM PRO
2 years ago
I'm still a little bit suspicious over the magnitude of the downmove. Still taking this with caution. Both Brent is WTI are not moving fast enough in my opinion, but they still move in the right direction :)
have a good week-end!
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AndyM PRO
2 years ago
By the way, there was an full impulse in that C wave - all five waves, all fitted nicely in that relatively small movement without breaking any rules. I looked at it at 1-min charts and was really surprized how all acted according to Elliott. Even the initial diagonal was a leading one, with 5-3-5-3-5 structure. Elliott is definitely a thing to keep studying and practicing :))
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