However, when we notice that a new five-wave pattern on the way up has surpassed the fourth wave on the way down, we recognize it as a powerful signal that the trend is changing.
All have negative weekly chart profile, and four of the five match the pattern for oil with closes last week above their 200-week simple moving averages.
All have a negative weekly chart profile, and four of the five match the pattern for the SOX, with closes last week below their 200-week simple moving averages.