The oil was in consolidation for 49 days which is the same as the rising time from 42.01 to 62.55. Then it started going down at 24.06.
Price target: If CD = 1.272 AB, the target is around 53.82; If CD = 1.618 AB, the target is around 51.75.
Time target: If the time of wave C is as same as wave A, the bearish will finish around 16.07 or 17.07. If the time of wave C is as same as consolidation time, the bearish will finish around 12.08.
Hello, do u think its just an ABC correction before move up?
zhipengcfel
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Yeah. This wave C will be much longer than wave A. I have updated the EW.
aibek
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Hello, nice chart!
Time will tell but think we are in wave 5 down already.
Multiple targets can be hit.
Agree that if 5 will be short it will be ended around 50 and also it equals the 5=1
Next is 38.2% of 1-3 = 49.60
Next it 61.8% of 1-3 = 47
And the last one is not EW but bearish flag pattern outcome = 46.42