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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8936
Posted: Feb 22, 2010 5:00
Comments: 8936
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
The first 5 series down you can now call Wave 1 or wave A on a larger timeframe. The retrace back up you call wave 2 or B and the move down from there is now wave 3 or C on the larger timeframe in progress. The wave 3 or C will show 5 waves within on the 60 min small timeframe.
This entire series can either be a corrective made up of 3 waves A, B & C or it will continue into forming 5 waves down on larger timeframe. The implications for a corrective 3 wave ABC move is that crude then reverses back up to make new highs above 92.58. The implications of a 5 wave move down is the end of the first series of a string of impulse moves down lasting many weeks/months with correctives along the way. i.e no new highs in the forseeable future.
The wave counts show up on all timeframes, waves within waves. I will commentate only on daily and 60 min so on daily we have only done wave 1 and 2 within a wave 1 which is comprised of 5 waves. That's the best read at this point in time, subject to change !
do u think audcad behaviour wil be a component of oil tenure?
Ashraf