Update to previous ideas on correction in crude oil > 
I previously had this down as an ABC but that doesn't seem to fit anymore so its possible that it is a WXY.
Previously I had the first section as A with a WXYXZ correction but as per the rules for WXY W must be a zig-zag and looking at it again it is possible >
A had 5 waves with a starting wedge wave 1 and a .236 correction for wave 4.
X can be any type of pattern and that appears to be WXY with Y completing at the 1.272 extension of W >
Z must be a zig-zag and must be, at minimum, equal or bigger than wave X which puts it back to 6785 which is the 1.414 extension of W. A of X must be a starting wedge or impulsive 5 waves and it appears there could be a wedge >
So its possible we're in wave B of Y now with C to follow to at least 6785.
I previously had this down as an ABC but that doesn't seem to fit anymore so its possible that it is a WXY.
Previously I had the first section as A with a WXYXZ correction but as per the rules for WXY W must be a zig-zag and looking at it again it is possible >
X can be any type of pattern and that appears to be WXY with Y completing at the 1.272 extension of W >
Z must be a zig-zag and must be, at minimum, equal or bigger than wave X which puts it back to 6785 which is the 1.414 extension of W. A of X must be a starting wedge or impulsive 5 waves and it appears there could be a wedge >
So its possible we're in wave B of Y now with C to follow to at least 6785.
Note
May have just completed A an B waves > Note
Possibly in C now Note
Target reachedNote
6690 broken, this bullish count invalid now.
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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.