Scenario planning to trade Elliott Wave in crude

Building upon my earlier post that Crude Oil is setting up for a corrective rally I will do a scenario planning for better trading.

I had to adjust the count made earlier

to satisfy Elliott Wave rules. Namely what I identified is abc (circled) must be wxy because the count so far is 3-3- and it is not going to be a flat or expanded flat (only flats with 3-3-3 count make abc). Therefore I conclude it is wxy or more complex structure where y can be almost anything.

To prepare for that I illustrated 3 scenarios where y can be a zigzag, a flat or a triangle.

ZIGZAG (blue on the chart) If first wave sports 5 sub-waves we are in zigzag hence the best strategy could be - holding on to profits until 64.5 as the price action is likely to be swift and wave B can come almost unnoticed.
ZIGZAG could also be a wave a (green) of flat abc structure. The trading strategy is the same - sell at 64.5, consider opening shorts.
In the case of slower, choppier price action - we are most likely in a triangle formation (red abcde). This one will be more difficult and wearing to trade. Most likely will not result in any profits if I try jumping in an out but may provide more clarity for taking short positions when it is completed.

Conclusion - holding on to longs, watching the tanker story unfold (https://www.reuters.com/article/us-mideast-iran-tanker/britain-weighs-response-to-iran-gulf-crisis-with-few-good-options-idUSKCN1UG05M, considering adding positions if the price corrects in any of the expected ways.

การซื้อขายยังคงดำเนินอยู่:

The price is apparently forming a bullish triangle which can be wave b of abc correction.