FX:USOIL   CFDs on Crude Oil (WTI)
50 4 0
Going back to 91.21 looking like I II I II pattern and clear 5 wave down to were we are now looking for break out of blue trend line for entry or pullback to 99"s for 101.56/102
May I ask a couple of questions, please ? No impertinence intended ~~~~~
Unless you are using a proprietary form of Elliottwave . . .
How would you explain the obvious overlapping/corrective price action of
the second wave I - II ? Shouldn't a wave I have an impulsive 5 wave count ?
And, if wave II's are counter trend moves how is it possible to have an
impulsive 5 wave count instead of a corrective a-b-c or w-x-y.
Perhaps I've misunderstood your long entry as a bullish expectation when
you are only expecting a corrective move before the down trend resumes ?
Thanks for your thoughts !!!!!
Wishing you a pocket full of pips in 2014 `~~~~~~
JohnTaylor dojitrader
HI DT sorry for late reply you are right with abc wxy but this is my way of finding levels for reversals i am looking at this as corrective for 101.50 ish but long term bullish please send me a chart on how you are thinking
Big Pips to you Best Regards jt
dojitrader JohnTaylor
Posted this just yesterday:
With an impulsive 5 waves down I'm looking for a 3 wave correction.
Originally, the possibility of a flat, but, that seems to have disappeared, already.
Thinking a short as high as the 4th wave of a lessor degree
(and in this case also the larger degree) would be an iideal
to tell me if I'm wrong with only a small risk to find out.
Anyway, I'm just looking at a classic 5 wave impulsive or motive wave
followed by a counter trend correction for an entry into another impulsive wave
or trend continuation.
JohnTaylor dojitrader
Hi DT Cant say you are wrong and your view makes purfect sence i like it alot over the last 3 days i have been long in the 99s and short 100.70 one order of 12 lots on each on 30 m charts for entrys with this low risk piar because like you i expect only 102s before next correction maybe 97.34 untill i see a clear break of 98.73 i will keep doing this.
Have a great weekend DT and keep them stops tight
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