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When analyzing the recent movements in oil prices through the lens of Elliott Wave Theory, it appears that the current structure is completing an ABC corrective formation. Initially, the A wave has developed as a strong upward 1-5 impulse structure. The B wave evolved through a classic ABC correction, pushing prices down to the support area marked as...

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In candlestick charts, the W part is usually shown as ABC, but in "line view," by tracking volumes, it is rarely possible to see an internal wave as 1-5. Our expectation is that the Y wave will continue with a sell-off. Elliott Wave Theory rules for W, X, and Y corrections (double zigzag or other combinations): W Wave: It is generally a zigzag (ABC), a...

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According to Elliott Wave Theory, in a WXY correction, the X wave may sometimes form a triangular pattern, but this is uncommon. The X wave is typically a corrective wave and, in most cases, takes the form of a zigzag, flat, or another complex correction. Triangles are usually expanding or contracting and are often seen during market consolidation and when a...

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In the green ABC structure, wave A's 1-5 structure has been completed, the green B correction has ended, and wave C appears to have started. For wave C to be fully confirmed, the blue wave 4 correction needs to bounce off the trendline and reach the 0.5 Fibonacci level. Then, as the price becomes cheaper, new demand is expected to form, driving it towards the 5th wave.

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The Large Triple Correction WXYXZ in BTC is a formation often used in Elliott Wave Theory to describe a major corrective move. This formation refers to an extended series of sub-waves in a large correction. The general structure consists of five waves: W, X, Y, X, Z, representing a more complex corrective process. The typical behavior is as follows: W: The...