yep - as I always state, you almost always get at least a
reaction move off that 61.8% Fib - got it today on USO.
also as I stated last night, one of my comments were that the
way I had the lower trendline of the wedge drawn - I stated that
the lower trendline was most likely not steep enough and I would
have to adjust - which ended up being the case. compare the two
images here, the current one on the left and the one from last
night - good educational
for now I can count 4 waves in the wedge (better to have 5 waves
or a truncated higher low 5 inside that wedge), however to me that
61.8% Fib was an objective 1st entry with a stop
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crude oil
Posted by matt on 18th of Oct 2022 at 10:24 am
USO - Chart Link - will monitor if price finds support near the 61.8% Fib, still on the eye out for a higher low due to the sym break
USO - Chart Link - 60 min view, the bullish view would have this move being wave c of an abc. The bearish view would be wave 3
Matt. That wedgie sure was
Posted by robkitch on 18th of Oct 2022 at 01:33 pm
Matt. That wedgie sure was better than the wedgies I experienced in Junior High school. Dropped below the 61.8 for a bit, but looking good now :^)
yep - as I always
Posted by matt on 18th of Oct 2022 at 02:15 pm
yep - as I always state, you almost always get at least a reaction move off that 61.8% Fib - got it today on USO.
also as I stated last night, one of my comments were that the way I had the lower trendline of the wedge drawn - I stated that the lower trendline was most likely not steep enough and I would have to adjust - which ended up being the case. compare the two images here, the current one on the left and the one from last night - good educational
for now I can count 4 waves in the wedge (better to have 5 waves or a truncated higher low 5 inside that wedge), however to me that 61.8% Fib was an objective 1st entry with a stop