Oil Update Short Term EWP

By: TheWaveTrading | Tue, Aug 28, 2012
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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.

 


 

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Author: TheWaveTrading

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