The prime concern for Crude Oil is China’s coronavirus as demand may likely decrease from China. The opening trade of week’s Crude Oil suggests bearish. According to the 2-day chart of Crude Oil, what’s expected is a corrected structure.
According to WTI (West Texas Intermediate), Crude Oil prices have been going on advances hitting the 2nd wave, having an intermediate degree.
Last year in October, the corrective formation hit a high of $76.88 for each barrel. However, there was a sharp decline that was in the sequence of 5 waves. This happened after wave A was developed from a Minor degree.
Alongside this, the pattern of upper degree comes in correspondence with the zigzag formation. The same is known to be the structure for 5-3-5.
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As soon as the wave A ended with $42.40 for each barrel, last year in December, it came into light that the wave B is still not complete. As of now, Wave B is running a Minute degree in a wave of ((b)).
Based on the wave ((b))’s internal progress, the implications suggest that the wave c is apparently following a sequence of 5 waves. That being said, the ((b)) wave remains unchanged or much rather, pending in the Minute degree.
On the other hand, based on Elliott’s theory of wave, the c wave is supposed to be faster if the ((b)) wave is running on a slow corrective move.