Crude spiked on Friday due to an impulsive C wave (in my opinion) from 4647 toward 4890 (0.618 retrace of 5041/4647) on its way to complete wave 2 down.
Waves 3, 4 & 5 have been plotted using 1.618 of wave 1 for wave 3, 0.382 of wave 3 for wave 4 and 1.618 of wave 4 for wave 5. No consideration for wave extensions to 3 & 5, so price could go much lower than plotted if extensions to 2.618 occur.
It should be noted that wave 2 down can reach as high as 5041 and still be valid for Elliot Wave rules so plenty of upside left potentially (the internal wave 2 of wave 1 hit 5021, way beyond 0.618 of wave 1 at 5041).
Holding short positions from 4835-4850 with SL 4897.
Waves 3, 4 & 5 have been plotted using 1.618 of wave 1 for wave 3, 0.382 of wave 3 for wave 4 and 1.618 of wave 4 for wave 5. No consideration for wave extensions to 3 & 5, so price could go much lower than plotted if extensions to 2.618 occur.
It should be noted that wave 2 down can reach as high as 5041 and still be valid for Elliot Wave rules so plenty of upside left potentially (the internal wave 2 of wave 1 hit 5021, way beyond 0.618 of wave 1 at 5041).
Holding short positions from 4835-4850 with SL 4897.