This appears to be a Zig Zag for wave (iv). w and y would be equal around $52. This is about where wave c_circle would be expected to start, around current levels to about $1 higher. Wave c_c could bring us down to the $38.80 area. Wave (iv) is corrective action to the downward trend.
Wave structure will determine where waves (v) and 2 end...this is a long way off. This will be where everyone is too scared to be long...the exact time when you should be long. The move up will be as close to a set-it-and-forget-it as you can get.
Long for wave C/(iv): UWTI was trading at $428 at the previous fourth wave of a lesser degree on 5/03/2015 and should be around $15 at the bottom of wave B...ready for wave C. This previous fourth wave level is also what I have outlined in wave (iv). This is also the 38.2% Fib level from 08/28/2013 (wave (iii) ). I hope this all makes sense...I even had to reread it a couple of times.
Trade active
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We may have seen 5 down for a first wave, to $49.46, starting this move to $38/9 area. Ideally, I would want $50.99 (previous high) to hold and absolutely $51.32. We have gone about as high as we can comfortably go. The move down from $50.99 looks impulsive. The correction of this first wave down looks like an Expanded Flat.
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Looks like a Triangle 4 (not shown) prior to new high in the $52 area, then down for c_c/B.
Comments
hussain9
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Wich one of the flat patterns you are expecting to occure since wave y also can go far to 138-162% of x ? and may also hit 56 -59 ?
hussain9
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willworknow
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Regular Flat...y = w at around $52.
hussain9
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5898928
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never ever gonna get to 60? price stalled in range
willworknow
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@5898928, trackthemarkets.com I have more recent charting. I believe we are in a Triangle that started maybe ~40 days ago. We should be nearing a thrust up to the $60 area.
hussain9
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Thank you very much for your post and welvome back after this long time away from tradingview . Iam looking also at this interesting head and neck pattern that should stay above the neck line :