After finding it's low at 19.50 I expect a sideways correction in oil because wave 2 was a Zigzag.
The alternation in the Elliott wave suggests me that after a deep correction there will be a sideways correction.
We are too early stage of wave 4, therefore, I don't know which one will be realised, a Triangle would be suitable for the coming situation, but a Flat or a type of Flat would come also. We will see it, but I will prepare for myself a sideways trading strategy, which is not my favourite.
At topping point, there will be extreme optimism and vice versa. In the sideways moving, the contrary attitude is well-paid.
The alternation in the Elliott wave suggests me that after a deep correction there will be a sideways correction.
We are too early stage of wave 4, therefore, I don't know which one will be realised, a Triangle would be suitable for the coming situation, but a Flat or a type of Flat would come also. We will see it, but I will prepare for myself a sideways trading strategy, which is not my favourite.
At topping point, there will be extreme optimism and vice versa. In the sideways moving, the contrary attitude is well-paid.
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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.