Possible wave count

By wsbza

Updated

another break below the wave A low at 50.51 will invalid the above wave count

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alternative count

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or it could be something more complex

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if wave B is a flat, then there will be no wave D & E ( sub wave of a triangle should be a zigzag or a triangle)

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other possible count

but i think it's less likely to happen

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possible short-term count

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or an expanding leading diagonal? that would be pretty rare

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cn.tradingview.com/chart/ieQjV8MY/

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short-term count

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the decline is very sharp, so i guess the recent top is the end of wave B, wave B is a double zigzag

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wave C could be an impulse or an ending diagonal if wave (X) is a flat;
wave C could also be a zigzag(also including double & triple zigzag) or even a triangle if wave (X) is a triangle.

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a corrective pull back may signal selling opportunities

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if wave C is an impluse wave, sub wave {v} should be either an impluse wave or an ending diagonal

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therefore, short-term expectation would be
either

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short-term guessing

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There are still many different ways to count the short-term structure
The key resistance level is yesterday's high at 51.53, a solid close above this level would be an early signal for bulls

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an impulsive rally above 52.16 could push the oil price to re-test the previous high at 54.35

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close above 54.35 would likely suggest wave C has ended at recent low 49.3

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wsbza

'When you have eliminated the impossible, whatever remains, however improbable must be the truth.'

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