Not enough coffee before posting this morning...I think my last chart is incorrect as Y wave must be an ABC, not 5 wave structure, so this is the alternative and a look at smaller timeframe below: 1H > B wave correcting .236 of A wave. 5M > Wave 4 of A correcting 0.5, fib levels seem to make sense
An update to this idea > Wave 5 is obviously completed now but at 6360 not at the 6250 area. Possibly in wave 2 now which may be near completion (although seems crazy to think that considering Friday's rally). A look at smaller timeframe: 5M > 1H >
Just an observation, some similarities between the move up from 61 to 72 and the move down from 72 so far, mirrored
CAT possibly in wave 4 now after completing what looks like very bullish wave 3 of 3 of 3.
Update to this previous idea > I believe wave 4 completed at exactly 0.382 of wave 3 (blue waves) with an ending diagonal for wave C and now in wave 5 to 62 area
Possibly in wave 5 down Zoomed in on start of wave 5 >
It appears that a bearish butterfly hasn't completed with perfect Fibonacci rations at 7290 as well as .382 of $147/$26. Crude oil may now correct, either to 0.382 of the C/D line or deeper, possibly back to .236 of $147/$26 and 0.618 of $42/$73.
Most of the recent big moves in oil have been preceded by some sort of triangular consolidation, possibly same scenario now
Update to this idea > Missed the .382 correction (arrow pointing to it) and now at 1.618, may got to 2.618 but resistance here, 0.236 or 0.382 correction possibly before the next leg up
Looks like the correction is now complete as per this idea > Possibly in very bullish waves up to 7130. If you count the move from 6813 to 6882 as wave 1 (wave 1 of 3 of 3) and the little higher high above it as a flat correction then 2.618 for wave 3 (wave 3 of 3 of 3) was hit perfectly and could not be in wave 4 to 0.382 of wave 3 and back into the small...
Ripple moving around the triangle nicely as per this idea > Nice range to trade but waiting for E wave of the triangle to complete to short, then buy upon completion of the larger C wave for (hopefully) the next big move upwards.
Another possible correction as per this idea > Possible triple three with double three in the middle. Trend was up into the correction so should continue up once completed?
Updated on two recent failed ideas > Possibly in a larger flat correction "double three" formed of zig-zag / zig-zag / flat with wave 5 of C 2.618 extension pointing back to 6714
Alternative to this idea > If this is a bear flag and not a starting wedge then it could be wave B of 2, with C starting now. Will try buying around 6850 but if 6835 breaks then in my opinion this idea will be the primary one.
Update to this idea > Classic descending triangle breakout occurred and formed the first and second waves up toward 71, looks like a starting wedge has formed for the first impulses of wave 3, should be a buying opportunity around 6850 in my opinion with a strict stop loss below 6835 (start of wedge). Still holding longs from 6733.
An update to previous triangle idea > Looks like the internal waves of E are underway with B of E (purple waves) tagging the sloping triangle trendline later on Friday. I believe we are in C of E now. All waves made up of 3 way ABC patterns as you would expect for a ABCDE triangle. I have a short position from 6815 to close at 6715 and then long from there...
Alternative to this idea > www.tradingview.com Discussing with a friend and fellow Elliot Wave trader we came up with the "Double Three" idea where we had a zig-zag/zig-zag/ABCDE symmetrical triangle as part of a double combo (WXY). If this is the pattern it is either completed or very near completion (possibly around 6780) for E wave of the symmetrical triangle.