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the reaction from danger area is weak, the prior down wave took 30 minutes, but this up wave spent 30 minutes already, look at the result, only 50%, breakout of ICE posible
Duplicate post as on the David Weis Webinar thread.
This is all hind sight annotations. Same moment in time on all three charts. One is 800 tick, 7 renko and 3 minut pnf. most of the annotation is on the 800 tick.
Attached is a daily of CL. I was thinking that Oil was poised to move higher. That in deed be the case, but the Weis Wave is showing supply on the last two down waves and much less demand on the last up waves. This does not mean it can't go higher, but there is a chance for that oil could still move sideways in a good size range, or even move lower before heading higher. Since anything it possible it could be the we topped out and are going to break lower. I wish I knew the answer. Obviously the bigger picture is most likely to the upside because the daily is in and uptrend, but just be cautious at the near term support and resistance levels.
