We have now seen a test of the 38.2% corrective target. The resistance-line of the Elliott channel has been tested and divergence is Building, all indicating a top should be nearby.
However, as long as support at 98.65 protects the downside the bulls are in control of this Market. Only a break below support at 98.65 confirms that wave 4 has ended and wave 5 taken over for a decline to below 91.15.
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ReplyDeleteHi ElliottWaveSurfer. I am keenly watching developments on crude for the same reason - looking to surf the wave 5 down. I believe it is done except if the counting is done. Well done on the count. It is more detailed than mine but the conclusions are similar. I will not commit to selling right away but as you pointed out that low must be taken out. Better still 96.80 area as well
ReplyDeleteHi Olu,
DeleteI too think wave 4 is in place and wave 5 lower is deleoping. But as you say it would be nice to see a break below 98.65 as confirmation.
Kind regards
EWS