Marthon Oil looks like a solid candidate for a wave ((iii)) of (iii) advance. The decline from Aug '14 to Feb '16 is a clear 5 wave impulse. The impulsive decline fits nicely as wave C of a larger A-B-C flat pattern. The recent price action making a couple higher highs and lower lows with the context of a completed larger corrective pattern suggests this is a 1-2 1-2 wave setup.
Risk: The alternate possibility is that the larger corrective pattern is just wave W of an even larger correction. The current 3-wave raise is wave X and lower prices should be expected in wave Y.
As long as the 10.87 low holds, the bullish count remains intact as the primary count.
Risk: The alternate possibility is that the larger corrective pattern is just wave W of an even larger correction. The current 3-wave raise is wave X and lower prices should be expected in wave Y.
As long as the 10.87 low holds, the bullish count remains intact as the primary count.
Comment:
Trade closed: stop reached