Oil Update Short Term EWP

By: TheWaveTrading | Tue, Aug 28, 2012
Print Email

I did not like at all the short-term count (off the June lows) I posted on August 23.

The idea remains the same, as the internal structure is clearly corrective hence it could belong to the wave (D) of a potential large Triangle which I begun discussing at the beginning of July.

Aside from the large time frame potential outcome, now, what matters is to identify the most likely EWP from the June lows.

I am following a new option that calls for an Ending Diagonal wave (C).

If this pattern is the correct one then price has to unfold the last corrective wave (V) up in order to finish the EWP.

OIL Chart
Larger Image

So far the internal structure of the current pullback is corrective hence it fits with the assumed wave (IV) of the ED.




Author: TheWaveTrading


Contact: If you would like to contact the author, you can e-mail him at thewavetrading@gmail.com

The main objective of this project is to share my views on several markets and asset classes.

In the initial stage TWT website will be a free service.

My main focus will be the equity market with SPX being the leader but I will also follow US equity sectors, major European indices, fixed income, currencies and commodities markets.

My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines and investor sentiment.

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on the long and short side and mainly with leveraged ones (2 x & 3 x).

The advantage of ETF investments is that it allows getting involved in equity indices & sectors, currencies, fixed income, commodities etc.

Therefore the main purpose of TWT will be to establish investment strategies regardless if the market is in an up trend or in a down trend, leveraging the chosen scenario while managing the risk by establishing protective stop losses.

Hence I will always define the risk, I will try to let winners run the wave and I will cut the losses if my strategy is wrong.

Disclaimer: The content of this article is for educational purposes only, the information supplied is not a recommendation to buy or sell any security or financial instrument.

Thewavetrading.com nor the owner can not be held responsible for any loses occurred from the information provided within the website.

The Information supplied cannot be copied or reproduced without the permission from the owner.

Copyright 2011-2016 TheWaveTrading

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com