Crude Oil Futures: B or not B
Crude oil futures got what looks like a local low and is starting to bounce. The next question to answer is this a (B) wave or start of a new impulse. Unfortunately, if it is a B-wave, it is within a larger 4th wave. Both the (B)-wave and 4th wave have the most variability of any of any of the degrees. B-waves can also extend up to the 1.236*A, which would put it all the way up to 91.97 and it could technically still be a corrective move up.
The best way to play this is to wait for a 5wave move up, followed by a 3wave retrace that holds the previous low.
In the bottom panel, the stochastic indicators calculated from different timeframes are looking like they bottomed using the 1, 2 and 3D timescales. Bold arrows mark other instances this has happened and it has led to quite a nice bounce.
The redline projection is for inflection points based on the shapes of the stochastics at different timeframes. It looks for turning points and not price.
The best way to play this is to wait for a 5wave move up, followed by a 3wave retrace that holds the previous low.
In the bottom panel, the stochastic indicators calculated from different timeframes are looking like they bottomed using the 1, 2 and 3D timescales. Bold arrows mark other instances this has happened and it has led to quite a nice bounce.
The redline projection is for inflection points based on the shapes of the stochastics at different timeframes. It looks for turning points and not price.
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