Correction to a leading diagonal in Crude

FX:USOIL   Rohöl CFD's (WTI)
270 3
Well it kinda feels good to have exited my puts at 40.70 given the depth of the correction we've encountered.
The shape of the decline looks like a leading wedge , structurally looks good, and MACD reading suggests it's likely a motive wave rather than a corrective zigzag (no dip in readings at what I labelled w3).

Corrections to leading wedges are usually very deep, so the correction could end anywhere between 0.618 retracement (already fulfilled) or it could travel higher into 48-49 handle.

Shorting this setup through puts may be a good idea, mid Nov expiry should be OK, strikes 40-41 should yield at least a 1:10 payout assuming 30 is hit between now and then.

Also note that Crude is in inverse correlation with DXY , and as EURUSD chart suggests we are going to soon see a very good and fast sell-off in EUR, so Crude should follow.
w3 is shorter than w5 in my labelling, so a leading diag is valid. I agree on the possibility to have a zigzag instead, as part of a larger ending diagonal, targeting below 26 end Oct-Nov.
AndyM AndyM
Something like that. Should coincide with a big move in SPX.
In LD wave 1>3>5 but in this case wave 3 bigger then wave 5. Its not a LD, it's ZZ, may be part of DZZ of wave (3) big ED
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