A long-term bull market is likelyGreetings,
Dear friends, I hope you are well and have had a week filled with successful and profitable transactions.
Regarding the oil market, I believe that it has the same behavior as the gasoline market. Anyway, gasoline is one of the derivatives of oil. Now we need to examine patterns 1.2 and 1.2. We had an impulse pattern for the first wave in the larger degree and then again in the smaller degree, which did not look regular.
With this assumption, I have considered a shock pattern and the second wave is a zigzag, whose price has crossed the B wave and is expanding. The price action of the impulse pattern extended by a shallow correction completes the third wave of the same level. After the completion of five waves, it is expected to wait for a corrective pattern following growth and correction. It is possible that it can be a superficial correction and the continuation of the trend will happen quickly.
Note: I am a new analyst in the world of wave principles with three years of experience, and I am developing an analytical idea. There is no 100% certainty in financial markets due to the complexity of various patterns that can change. However, I do my best to back up any analysis I share with you guys with everything I've learned so far.
A brief explanation of the three fundamental laws of the wave principle:
1. The second wave should never go beyond the beginning of the first wave.
2. The third wave should never be the shortest wave between waves 1, 3, and 5.
3. The fourth wave must never enter the territory of the first wave.
Ralph Nelson Elliott was the founder of this theory, and when asked about his view of the market, he always referred to five waves in the direction of a larger trend and three waves against the direction it was taking. After completing an eight-wave cycle, a larger cycle is formed in the future. It's as simple as that.
May his memory be cherished, and may his soul rest in the shelter of God Almighty and the eternal world.
I am attaching the analysis of this market that I shared with you earlier to this current analysis.
The last word of my analysis text is repetitive, except for the explanation of the current analysis, because I also trade in the financial markets and am active in my social networks, working hard to improve my skills in analysis and trading to reach my goal.
I apologize for repeating the text.
I welcome suggestions and criticisms, and I will certainly respond, but a logical reason is important to me.
Thank you for taking the time to review my analysis, and thank you all.
To all my dear friends and colleagues, first of all, I wish you health and success in your goals.
Mehdi Abbasi with the nickname (Mr. Nobody)
