Previously I was considering that the Wave B/2 was complete where I have placed the vertical line, now I'm taking that as the Secondary Count. The Primary count ( In Blue ) is that the Wave B/2 is still under progression as a Flat correction and that it should see lower levels of atleast 40$ and can even go down till 32$ to complete the Wave C. T1 : 40 T2 : 36 T3 : 32
Only if the price gives a small impulsive looking 5 Wave move up and then consolidates then it could be the likely case that the Wave C is actually a Wave 2 and then only we will consider the Secondary Count.
Invalidation Stop : 49 (However we will have to trace the waves to see for a more tighter stop.)
I think 40 will hold until Opig deal falls completely apart. Probably some take down of some inventories this week due to "maintenance" switch overs etc. except the gulf and distilled products due to shut down of Pipeline. yeah that's a REAL LOOSE stop!!
NeeravYadav
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I have just marked the invalidation point, stop can be taken at swing high of the future Wave 4, I mean we can use trendline break of Wave 4 for trade initiation and the swing high of Wave 4 as stop.