This is the inital version of my deep analysis with the Elliott Wave patterns, Fibo and Time duration taken by Crude Fall.
I am using GCI MT4 for Data and I am starting my wave count of Wave 1 of C from 112.21.
NOTE: I am considering 43.58 as end of Wave 3
1. As per my Monthly chart,
Wave 1 took 5 months
Wave 2 took 5 months
Wave 3 took 8 months
2. As per my Weekly Chart,
Wave 1 took 20 weeks
Wave 2 took 22 weeks
Wave 3 took 34 weeks
3. As per my Daily Chart,
Wave 1 took 116 days (adding 116 it comes 8)
Wave 2 took 133 days (7)
Wave 3 took 196 days (7)
4. Now I consider Wave 3 of Wave C starting from 107.67 and It is is extended.
As per Wave I, wave III extended more than 300% (44.71) and made low of 43.58.
As per Wave 1 of Wave I, wave 2 extended more than 2.618% (48.38) and made low of 43.58.
5. As per wave extension characteristics:
EXTENSIONS
— usually appear in one of three impulse waves
— occur in one and only one of the impulse waves
— are always fives themselves, so may also contain extension
— subdivisions are of same amplitude and duration of main waves
As per this chart, wave 3 of Wave III extended. And i shown their length in the chart. If still wave 3 is not end, then as per (same amplitude), it may go down to 40$.
But some confusions are there with this chart. Because, I could get only 4 waves, and the duration differs I suppose.
6. As per my view, Wave 3 ended at 43.58 and we started complex correction, as per alternation. If so, Wave 4 will make new low in BEAR market and it made low 42.42 (previous low 43.58 wave 3 end).
Now any break of 52.39, I consider, we have started impulse up move which may target 54.22 first and 58.65-59.44.
As per my understanding, wave 4 can make 23.6% retracement of wave 3.
Now comes the fib numbers as per price.
W I1 12.21 (4+3 = 7)
W II 91.24 (10+6 = 16 = 7)
W III 107.67 (8+13 = 21)
Wave 1 of W III - 89.89 (17 + 17 = 34)
Wave 2 of W III - 94.89 (13 + 17 = 30 = 3)
Wave 3 of W III - 43.58 (7+13 = 20)
Wave 4 of WIII
Wave a or x - 54.22 (9+4 = 13)
Wave b or y - 42.42 (6+6 = 12 = 3).
Now, As per my view, If crude breaks 52.39/54.22, I expect to see 58.65 - 59.44.
If you are happy about this analysis, please let me know your comments. Still I am doing my deep analysis and finding all patterns as per wave rules & guidelines.
Will update you soon with all my charts.
1. HIGH LEVEL
2. Wave3 - 300%
3. WAVE 3 - 5 waves
4. W3-3-233%
5. W3-1-5 waves
6.1 Alternation
6a Flat-3-3-5
6b Zigzag-5-3-5
7. Equality
8. Triangle
9. Ending Diagonal
This is for LEARNING PURPOSE ONLY. THESE CHARTS AND ANALYSIS is COPYRIGHTED.Thanks & Regards,
Chinnappa.
http://freecommodityanalysis.blogspot.in