Following fifth extended wave, the ensuing correction can find support at wave 2 of extended (5)th @ 1177.x
1177 is also a target for (c) = 1.618 (a)
Another reversal zone might be @ 1170.x - head and shoulders target and low of wave (4), but I think it is less probable.
I think the most probable scenario for oil in the first half of 2017 is to complete wave C in some motive but choppy fashion. Ending diagonal is a perfect candidate for this move. As it totally reflects the fundamental idea of two battling forces. On one hand we have rhetorics and measures from OPEC plus ...
Buy FX:USDCAD into potential wave C to complete triple three correction and form a three drives pattern @ 1.3830. Still, might not complete this one as it looks too perfect to materialize :)
Wave count suggest NYMEX:CLG2017 is consolidating within 50.5 - 55.5 range in wave IV.
We might see a little push up to 54.8 tomorrow. Invalidation level for this trade is 53.18 level. We might see a 53.4, during asian or european session, but I don't think we will go down further.
As Crude will complete a ...
It has been a pretty deep six month correction in OANDA:XAUUSD. The only valid interpretation of this corrective move in accordance with Elliott theory appears to be a double zigzag W-X-Y.
This double zigzag subdivides into two actionary zigzag waves A-B-C intervened by simple reactionary X, which is a corrective ...
We are in a 5th leg of last impulse wave (C) of Bull market flat (5-3-5) Irregular correction. This type of correction, where wave B exceeds the top of A and wave C violates the bottom of A, imply the length of C wave to be 1.618 A wave length, which has already been reached @ 48.1x, where we tagged 200 MA at 4h TF ...