RN Elliot Describe himself in his book that the 5th wave in commodities is usually the longest and strongest.
Red channel is the Termination Channel, For wave 5 targets at centreline or topline
Blue channel is Corrective Channel, breakout or breakdown will likely guide the future trend
Black line is major pivots trendline, if price gets out of that look for short opportunities
I have used Fibonacci expansion for targets
sorry for Lazy labelling ;)
Below is my previous take on oil -
thanks for reading.
Red channel is the Termination Channel, For wave 5 targets at centreline or topline
Blue channel is Corrective Channel, breakout or breakdown will likely guide the future trend
Black line is major pivots trendline, if price gets out of that look for short opportunities
I have used Fibonacci expansion for targets
sorry for Lazy labelling ;)
Below is my previous take on oil -
thanks for reading.
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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.