When I look at an EW count; if the five waves down ended on Jan 5th, then it looks like we have seen an ABC correction. With the B wave making a lower low than Jan 5ths low. One potential problem with that thought, wave 2 and wave 4 seem to be close in shape and size (when they normally would be opposites).
If the five waves down ended Jan 7th, then we might be in a B wave down, which means a C wave will follow upward.
Steve
ReplyDeleteIs a short on Oil worth looking at again?
When I look at an EW count; if the five waves down ended on Jan 5th, then it looks like we have seen an ABC correction. With the B wave making a lower low than Jan 5ths low. One potential problem with that thought, wave 2 and wave 4 seem to be close in shape and size (when they normally would be opposites).
If the five waves down ended Jan 7th, then we might be in a B wave down, which means a C wave will follow upward.
What do you think?
DennisP