As the short-term picture becomes clearer, I'm revising the view for the next six months (first published on May 27).
The image below is based on the assumption of a larger rising wedge, which is dictated by the complexity of the moves observed since 2019, and specifically by what occurred in 2022-2023, which appears to be subwaves of WXY (double zigzags), which usually form 12345 waves of expanding or contracting diagonals.
I will reiterate that while the multi-year trend is up, I still see the next 6-8 months as extremely challenging for stocks, energy and precious metals.
The image below is based on the assumption of a larger rising wedge, which is dictated by the complexity of the moves observed since 2019, and specifically by what occurred in 2022-2023, which appears to be subwaves of WXY (double zigzags), which usually form 12345 waves of expanding or contracting diagonals.
I will reiterate that while the multi-year trend is up, I still see the next 6-8 months as extremely challenging for stocks, energy and precious metals.
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🌏 energeiacharta.com
⏱️ Timely updates of WTI, Gasoil, NatGas charts explaining every twist
🗃️ Extensive analysis archives
📏 Chartopedia, with examples of applying ElliottWave to real world charts