Crude oil peaked out with diagonal looking waves. At the peak I am using wave 3 in Minuette degree, so I must not use any bigger wave degrees than that until this so called correction is completed. It sure looks like it that the next wave one has completed, which could be very true, but I want to eliminate any potential triangle first. In other words, when this run has finished, we just may be at the first “A” wave of a triangle.
My first 5 waves took about 3 days. I need about 10 0f these types of up and down moves which would last 30 days in total. Many times they have very wild looking moves or even very straight ones, and would not form perfectly. This also changes the time for a triangle to complete
Again, this is one wave pattern I want to eliminate, and the only way to eliminate a wave pattern is by running until it busts. I still like to try to get a warning posted if I see it doing something else.
Some say that oil will drop below $40 soon, but that is not much of a stretch as I see it. Anybody can forecast 10%-15% above or below any price and have a good chance of hitting it.