AndyM

Triangle thrust in Crude, possible completion at 48.32

FX:USOIL   Crude Oil (WTI)
608 8 12
We've seen a very simular structure in SPX             last month, now we seem to have a triangle in Crude, followed by some thrust. This is the last triangle of the last subwave, so what will follow is the last sub-wave 5 of the sequence, followed by a reversal.

I believe that the whole impulsive advance off the January lows has been counter-trend (wave C of a larger structure), so this needs to be fully retraced. I expect therefore the 48->20 movement next.
zhipengcfel
7 months ago
It looks very likely a triangle. How do you count the wave A inside the triangle btw?
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AndyM PRO zhipengcfel
7 months ago
I view it that way:
snapshot
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zhipengcfel AndyM
7 months ago
Thanks. I would prefer the count that it has completed the wave ABC and now in wave D. It still needs the wave E to touch bottom line of the triangle before it breaks up.
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webmiztriz PRO
7 months ago
wow... could you please show the whole structure..... i am learning Elliott Waves... I thought this was a a new wave 1 ... :-x thanks for any help... :o)
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AndyM PRO webmiztriz
7 months ago
snapshot
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AndyM PRO webmiztriz
7 months ago
we have ABCDE as on the chart, but B can also be counted as an impulse, so we need to see how it develops. If we see a new high, then it's the last one. If we see the breakout to below the channel, then we have already seen the top and it was not a triangle.
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webmiztriz PRO AndyM
7 months ago
thank you.. i actually meant leading up to it... from the very low 2/11/16
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LegendSum
5 months ago
nice when spx us 30 sharp break oil will sharp break to 35 (a-4)
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