Significant Retracement (Sell) before Major BUY (ELLIOT WAVE)
Major Timeframe
For WTI I believe we have actually completed our Zigzag corrective structure in the major timeframe. One way to identify if its a Zigzag or not is by measuring its A LEG and C LEG, these two LEGS are usually identical in length. Besides that the market also formed in a 5-3-5 structure further strengthening our assumption that the move down for a long time was indeed a corrective structure. Since we are now done with our corrective structure we can begin looking for a new 5 WAVE movement to the upside. Price has also broke the highs beside it to further strengthen our assumptions that WAVE 1 of the 5 exoected waves up has indeed begun
Minor Timeframe
As mentioned above we are currently in the 1st of the 5 expected waves up in the Major Timeframe. Narrowing down within that WAVE 1 we seem to have just completed its Wave 3. Meaning at the current price point I believe we will be seeing a significant retracement for Wave 4 before pushing up one more time for Wave 5 which would then complete the WAVE 1 as a whole in the major timeframe. As for Wave 4 it usually retraces up to a max of 50% of the length of Wave 3. Usually it retraces somewhere between 23.6% to 38.2% of Wave 3 in the Fibonacci measurement.
After the total completion of WAVE 1 in the major timeframe we will be seeing an even deeper retracement which would be WAVE 2 in the major timeframe. Stay tuned for updates on that.
For WTI I believe we have actually completed our Zigzag corrective structure in the major timeframe. One way to identify if its a Zigzag or not is by measuring its A LEG and C LEG, these two LEGS are usually identical in length. Besides that the market also formed in a 5-3-5 structure further strengthening our assumption that the move down for a long time was indeed a corrective structure. Since we are now done with our corrective structure we can begin looking for a new 5 WAVE movement to the upside. Price has also broke the highs beside it to further strengthen our assumptions that WAVE 1 of the 5 exoected waves up has indeed begun
Minor Timeframe
As mentioned above we are currently in the 1st of the 5 expected waves up in the Major Timeframe. Narrowing down within that WAVE 1 we seem to have just completed its Wave 3. Meaning at the current price point I believe we will be seeing a significant retracement for Wave 4 before pushing up one more time for Wave 5 which would then complete the WAVE 1 as a whole in the major timeframe. As for Wave 4 it usually retraces up to a max of 50% of the length of Wave 3. Usually it retraces somewhere between 23.6% to 38.2% of Wave 3 in the Fibonacci measurement.
After the total completion of WAVE 1 in the major timeframe we will be seeing an even deeper retracement which would be WAVE 2 in the major timeframe. Stay tuned for updates on that.