Last week, the PetroChina share price continued its downward trend and has now reached the level at which it should form the low of the blue wave (iv) in our primary scenario. Consequently, it should soon stabilize and stop its downward movement. With the low in its pocket, a further rise is then on the cards to complete the turquoise wave 4. Only when this overarching movement is completed should stronger declines follow. However, there is also an alternative scenario with a fairly high probability of 40% that would come into effect if the sell-off continues into next week. In this case, the high of the turquoise wave alt.4 would already be in place and the price would be in the subsequent downtrend.
