I was thinking about this chart in a different way from my friends of elliott wave traders .
They are thinking that its a ZZ corrective wave and the price will hit lower than 11$!!
Its sound crazy but it can be happen but if happened all oil companies must close and finish contracts of all workers . But why not thinking from a different way :
I am seeing a clear impulsive wave , finished 3 waves up and we are about to confirm the 4th wave end if traded above b at 49.56$ .
The volume Im seeing at the 3rd wave is very high and this can spike in my mind the impulsive wave more than the ZZ as the volume in c is lower in ZZ and we are still dancing with MA 50 days .
May be Im wrong but it worth thinking .If the price go up it means we are going for the 5the wave around at 60$ If price go down it must break 41.87$ to say its a corrective wave . At the end the market will confirm or invalidate my point of view .
Have a nive trading
They are thinking that its a ZZ corrective wave and the price will hit lower than 11$!!
Its sound crazy but it can be happen but if happened all oil companies must close and finish contracts of all workers . But why not thinking from a different way :
I am seeing a clear impulsive wave , finished 3 waves up and we are about to confirm the 4th wave end if traded above b at 49.56$ .
The volume Im seeing at the 3rd wave is very high and this can spike in my mind the impulsive wave more than the ZZ as the volume in c is lower in ZZ and we are still dancing with MA 50 days .
May be Im wrong but it worth thinking .If the price go up it means we are going for the 5the wave around at 60$ If price go down it must break 41.87$ to say its a corrective wave . At the end the market will confirm or invalidate my point of view .
Have a nive trading