Crude oil update
It has form a WXY as an irregular correction and now forming an Next impulse to the upside
which is forming from 59.80 lows to the upside 63.75 which looks like 5 wave and wave W corrected in 3 wave
and X wave have 3 wave pattern, which opens of other probabilities for larger correction.
Things to note that price gapped up after wave 1 and we dont have a Correct wave 2 correction, Wave Y correction expected towards downside as ABC 3 have simple zigzag pattern.
so if price breaks belows marked wave A, because it is a Irregular correction so it may break low of A or not it is not mandatory.
So we should look to buy around Fib support of 50-61.8% area with confirmation for next long.
Lets see how it plays out.
It has form a WXY as an irregular correction and now forming an Next impulse to the upside
which is forming from 59.80 lows to the upside 63.75 which looks like 5 wave and wave W corrected in 3 wave
and X wave have 3 wave pattern, which opens of other probabilities for larger correction.
Things to note that price gapped up after wave 1 and we dont have a Correct wave 2 correction, Wave Y correction expected towards downside as ABC 3 have simple zigzag pattern.
so if price breaks belows marked wave A, because it is a Irregular correction so it may break low of A or not it is not mandatory.
So we should look to buy around Fib support of 50-61.8% area with confirmation for next long.
Lets see how it plays out.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.