OIL - One more push lower coming

Price seems to finish a Triangle pattern.
We should be in the final wave E, wich can find resistance at the 61.8% to 78.6% retracement.

If this count is correct, we should see a new low being made soon.

This pattern gets negated if price moves above 54.20 !

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A Triangle Pattern is composed of 5 moves (ABCDE) and each of those are composed of 3 moves (abc) where those are them self composed of 5 or 3 moves for (a), 3 moves for (b) & 5moves for (c)

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I will post my ideas here for easier access
t.me/em16public

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Because price did not break clearly the 50.50 level and went up in impulsive fashion, I'm thinking wave E might not be over yet ! It should be around the 61.8 -78.6% retracement zone.

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Pending order activated @52.69
Moving SL to break-even.

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Price going lower, great for now.
Add to position once price breaks clearly below wave D.
Think about taking some profits near that level.

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One more push lower could come.

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5 waves look to be in.
Closing position and taking profits.

ElliottWaveBelgium

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ElliottWaveBelgium