A Classic Elliot 5 Wave Pattern in the
Oil Service Sector
The Oil Service Sector (OSX) is exhibiting a classic Elliot 5 Wave Pattern
which began in early 1999. Notice how the 4th corrective Wave held support
right at the 38.2% Retracement Level (calculated from the bottom of Wave #2 to
the peak of Wave #3). It will be interesting to see how much longer the
Oil Service sector will rise before an ABC type correction
develops.
A simple review of an Elliot 5 Wave Pattern shows that waves 1,
3 and 5 are upward moving Waves with Wave 3 lasting the longest. Meanwhile
Wave 2 and 4 are corrective waves. Once the final 5th Wave ends this is
then followed by an ABC type correction.
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