OIL - One more push lower coming

Price seems to finish a Triangle pattern.
We should be in the final wave E, wich can find resistance at the 61.8% to 78.6% retracement.

If this count is correct, we should see a new low being made soon.

This pattern gets negated if price moves above 54.20 !

Nota

A Triangle Pattern is composed of 5 moves (ABCDE) and each of those are composed of 3 moves (abc) where those are them self composed of 5 or 3 moves for (a), 3 moves for (b) & 5moves for (c)

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I will post my ideas here for easier access
t.me/em16public

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Because price did not break clearly the 50.50 level and went up in impulsive fashion, I'm thinking wave E might not be over yet ! It should be around the 61.8 -78.6% retracement zone.

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Pending order activated @52.69
Moving SL to break-even.

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Price going lower, great for now.
Add to position once price breaks clearly below wave D.
Think about taking some profits near that level.

Nota

One more push lower could come.

Nota

5 waves look to be in.
Closing position and taking profits.

ElliottWaveBelgium

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Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public

Thanks !

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Penafian

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ElliottWaveBelgium

Don't forget to like, share and follow !

Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public

Thanks !

Juga pada: