#Oil bullish wave 5 to come
Hi folks, hope you're doing well.
Looking at oil, we can identify a clear 3-wave bullish move. In my view, the price is currently forming a wave C of wave 4.
Following this, we can anticipate the start of wave 5. Historically, in commodities, wave 5 is often the extended wave, which means, if we're correct, this setup offers a favorable risk-to-reward ratio.
According to Elliott Wave's rule of alternation, since wave 2 was sharp and quick, we can expect wave 4 to be more shallow and prolonged in duration.
It seems that wave 4 is developing into a zigzag pattern, and if that's the case, we might see the price dip slightly below the bottom of wave A.
