The high in October 2008 is recounted as a subwave 1 instead of 3. That being the case, we are on the threshold of a major bullish subwave 3. That is even more bullish than the other count.
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Will_Wong
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This alternate count seems more likely. The 2000 top of wave (1) is $34.37. The 2009 low is $32.70. The recent low is $34.26. It looks like oil may continue along the descending wedge to match the 2009 low of $32.70 before rebounding.