CXO - Chart Thread, page-7424

My take on where I think we are at.

Per the attached chart, we had a clear 5 wave move up from the 72.5c low of 23rd March. That 5 wave move constituted Wave 1. We then went into the corrective Wave 2 which I had assumed completed on 30th June with the 88.5c low.

I had then thought we were at the beginnings of Wave 3 based on the 5 wave move up from that 88.5 low. However, it now appears that this was a messy (as they are prone to be) minor Wave 4 of the final C wave of the larger Wave 2 as an A-B-C correction.

My preferred count is now that I am looking for a near-term low to finish this correction before we head into Wave 3 next week. We are seeing some consolidation at this 88.5c level just at the moment which seems to be playing out as a corrective before we put in one final low to complete this Wave 2. It also looks as if this will play out with a divergence on the MACD as well.