USOIL-Wave v) of 5) is an expanding ending diagonal to 74.5 ?
1. In previous trade plan i shared that, may be a wave iv) had a chance for an irregular flat and may drop in 70-71$.
2. I mentioned if there is no rejection that will be a continuation for the wave 5) and will end above 75$.
3. But the price action looks like the wave v) of 5) got extended and that is also valid and i attached the proof below.
4. Wave i) to iii) and rejection wave iv) in fibs expansion 74.5 near that is a watchable zone to short this.
5. Once the 5 waves completed @ 74.5 approx zone i am expecting for a minimum 38.2 fin retracement for the whole move "0" to 74.5 nearly 42-43 $ in 3 waves or may be in a complex correction to reach there not in straight line though.
Here is the Proof and what i learned in the book Elliott wave theory.
DISCLAIMER : All labeling and wave counts done by me by manually and i will keep change according to the LIVE MARKET PRICE ACTION. So dont bias, hope on my trade plans...try to learn and make your own strategy...Following is not that much easy...I AM NOT RESPONSIBLE FOR ANY LOSSES IF U TOOK THE TRADE ACCORDING TO MY TRADE PLANS....THANKS LOT..CHEERS
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