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Thursday, September 15, 2011

Morning crude update part II

Here's a detailed update from yesterday's post.

Micro degree waves ((A)) and ((B)) are now complete, and we have completed submicro waves (1) and likely (2) of ((C)).  Additionally, micro degree wave ((C)) appears to be an ending diagonal pattern, within minuette wave (iv) which is also an ending diagonal pattern.  Remember that in Elliott Wave Theory, ending diagonal patterns are always terminal moves for the one larger degree.  That means there's a very good chance that we start heading down for the next wave of at least minute degree.  Getting short ahead of the move will be crucial, since option premium will quickly inflate.

Upside targets from yesterday have not changed.


Posted by Waverunner (FractalTrader) at 9:11 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))