Petrochina Company Ltd. (PTR): The Ravages of Extended 5th!!

SUMMARY

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Here is a weekly chart of Petrochina Company Ltd (PTR) that shows an impulse that resulted in wave 5 being extended like there was no tomorrow! See how swift and deep the first downdraft was? Now that's scary to anyone who didn't see it coming! So, is the correction done? In a word: No

The ravages of an extended 5th wave usually ends at the prior wave 2 price zone. This also equates to about 94% retracement! That's why, whenever I see an extended 5th, I don't walk, but run! The red ABC sequence is probably not yet complete. It's almost, since it likely has one more down left. The C wave subwaves are shown as wxyxz and the last z wave remains incomplete. The whole sequence has been very overlapping; hence, indicative of a corrective move still in progress.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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