There is a rarest of rare pattern happening in Oil as well & taken bears with surprise in current session. Likely Oil has put up a low@43$. In the last update, I expected Oil to correct in the c - wave within 4th wave & had a target of 45.50-45.70 when it was trading at 47.30$- Congo, I got that move, but was even surprised by the wave getting extended & even going into 1st wave top@43.52$- which is a violation of one of the elliottwave rules. So, I am taking this pattern as leading expanding diagonal.
Now, I have my targets in the zone 51-52$ as 5th waves are going to big & big.
Let us wait for the time to tell us the story.
Regards, Abhishek H. Singh, CMT
Comments
Subbarao_Koppula
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Hi sir , Based on eliott wave concept wave-4 should not ovelap with wave-1 .
WaveTalks
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Its a rarest case of expanding leading diagonal -possible setup which clicked
Subbarao_Koppula
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Dear Sir thanks for your reply... i am also agree one more wave upside is due if sustain above 42.15 . But we can take the labels a-b-c (w)like complex correction , now wave-x is running ... if this x- wave close above 42.15 then we can expect another set a-b-c(y).this a-b-c waves move upside..
WaveTalks
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Yes -That could also be taken. Finally -after another set as you said -if gets retraced completely, then you are correct else if its retraced 80-90% & fails to take out the recent lowest which is 26$ then I am correct -it's a leading diagonal as leading diagonals get retraced deeply but don't retrace completely -immediately both ways -its looks upside.Regards