#Oil bullish wave 5 to come

14. Okt.

Hi folks, hope you're doing well.

Looking at oil, we can identify a clear 3-wave bullish move. In my view, the price is currently forming a wave C of wave 4.

Following this, we can anticipate the start of wave 5. Historically, in commodities, wave 5 is often the extended wave, which means, if we're correct, this setup offers a favorable risk-to-reward ratio.

According to Elliott Wave's rule of alternation, since wave 2 was sharp and quick, we can expect wave 4 to be more shallow and prolonged in duration.

It seems that wave 4 is developing into a zigzag pattern, and if that's the case, we might see the price dip slightly below the bottom of wave A.

15. Okt.

Anmerkung

Price has reached the area of interest, now we should be looking for a bottoming formations. Something which tells us that price formed a floor and its ready to go higher.

16. Okt.

Anmerkung

its safe to say with a high probability that wave C has completed. and we should br looking for a bottoming formation and confluences to go long

17. Okt.

Order storniert

It seems we may have a bullish move from this point. However, since wave 4 has overlapped with wave 1, this Elliott wave count is no longer valid. Best of luck!