FX:USOIL   CFDs on Crude Oil (WTI)
It might be bit early to call the end of bullish rally since late December 2018. But we could certainly have a count that shows wave (C) of {B} has reached it's peak.
Comment: But the above count does not necessarily mean the start of the multi months bear market, here is an alternative count
Comment: possible Long-term wave count
Comment:
Divergence between RSI & Price, but price is still trading above the blue up trend line
Comment: short-term count
Comment: any push above 64.72 would argue either wave 4 or wave 5 is under way
Comment:
Comment: break below the blue wave {i} low at 60.04 would indicate wave {iii} decline is under way
Comment: there are two possible bearish counts: either 1-2 or 1-2 plus {i}-{ii}
Comment:
Comment: The '1-2' scenario also has two possible counts
flat {b} of 2

triangle {b} of 2
Comment: break below 62.09 ( end of wave (i) of {c} of 2) would indicate blue wave {c} is done
Comment: The '1-2 plus {i}-{ii}' scenario
Comment:
Comment: also notice that price has failed number of times to climb back above the uptrend line
Comment: Therefore I think it's less likely to see another wave 5 of (C). A solid close below $60.02 (6 May low) would confirm the above bearish counts.
Comment:
is wave 3 ready to explode?
Comment: Short-term count
Comment: daily chart
Comment: we could also assume the 1-2 is one degree higher and count the structure as follows
Comment:
Comment: possible short-term counts:
either

or
Comment:
Comment: alternative count
Comment:
Comment:
wave {iv} under way?
Comment:
Comment: wave (iv) could be a triangle
Comment:
Comment: possible short-term counts:
wave 3 done ( or if 1-2 = (1)-(2), then 3 = 1 of (3) )
Comment: or wave (i)-(ii) of {v}
Comment: immediate break above end of wave {iv} at $53.36 would eliminate the above (i)-(ii) scenario
Comment:
Comment: wave 4 or wave 2 of (3)
Comment:
Comment: triangle

or flat?
Comment: triangle

or flat
Comment:
Comment: {a}-{b}-{c} flat with a diagonal wave {c}?
Comment:
Comment: or an impulse wave {c}
Comment:
Comment: possible short-term count
Comment: possible short-term count
Comment: either way
Comment:
Comment: let's see if guppy ema could trigger the bearish signal
Comment: a solid close below wave (iv) low at $57.73 would also argue wave 2 has reached it's peak
Comment:
Comment: break below wave {a}(of 2) high at $54.80 would confirm the above bearish count
Comment: possible short-term count
Comment: key resistance at $58.32 as wave iv should not breach the end of wave i
Comment: possible short-term counts

or
Comment: note the rally from recent low at 56.03 is contained within a parallel channel
Comment:
triple zigzag?
Comment:
Comment: Need to see an impulsive decline to break below the end of wave x at 57.30
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Comment: alternative count
Comment: possible short-term count
Comment: possible short-term count
Comment:
Comment: either pink A-B-C complete (Y) or grey (1)-(2) then {i}-{ii}
Comment:
Comment: Note on 11 July, i assumed the following two scenarios:
Bullish A-B-C for wave (Y)

Bearish (1)-(2)
Comment: the bullish count is no longer valid, simply because wave B of a zigzag can never move beyond the start of wave A
Comment:
Comment: possible short term counts
Comment: bearish green {i}-{ii}-(i)-(ii)
OR
bullish grey A-B-C flat for wave (2)
Comment:
I prefer the upside one.
Reply
2 shooting stars on day chart, should be careful to predicted the up trend.
Reply
Yes, the same way like you, I will keep an eye on it.
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@wsbza ... Elegant!!
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Whatever it is, should be a correction wave. Just be prepared and patient.
Reply
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