reneordosgoitia

The area is a 61.8 fibo level of previous movement. The area had been respected before. OPEC members supply is uncertain yet.

* The wave 3 is already 161.8 of wave 1. *the 1st and the 3rd subwave of the 3rd extended wave, have similar lenghts, so this 5th wave is probably to had also a similar lenght.

*The price has reach the 61.8 of the previous downtrend movement. *The 5th wave couldn´t break the 1.618 of wave 1. * Crude oil inventorie (US) coming on wednesday.

one more impulse inside the 5th wave, and we will start to see the fall. *The price is in the zone of the 1.3000

*The price for reach the .071700 zone, must retrace first to get the impulse to the that zone. *A lower degree cycle of 5 waves has end.

The price has already retrace to the 61.8 of the higher degree picture.

Depth of corrective waves: The 4th wave is in the 4th subwave of 3rd wave. In a 61.8 retracement.

The price reach the golden ration of the previous impulse wave.

Wait for the break out of the red line in the down position.

3rd wave, according to Elliot, cant be the shortest one, and is the most common to be an extension.

The price is in a triangle corrective structure in the 4th wave. But, the daily structure could not allow the 5th wave break up the 3rd wave, so we could see a trunctation. Followed by a strong sharp correction.

At the beginning it used to look like a zigzag pattern, but with the new high, the pattern seems to start changing to a contracting pattern. So, it can tell us, that the structure is going to be respected.

Wait for it near to the red resistance area.

IF THE STRUCTURE IS HOLD UNTIL THE FIB LEVEL 61.8 AND, AT THE SAME TIME, IT TOUCH THE UPTREND LINE.

Wait for the canddlestick confirmation to keep long.

Wait until the price hit the .618 fib level for the long position.

If the uptrend movement on the DXY keep going, we could see the first reversal (significant) pattern near to 106.00

* The market is in a retracement structure about the last downtrend movement. * The 3 impulse could go on until de 61.8 fib level of the previous downtrend movement. *make it simple.