PetroDollar (XPD) Undergoing a Complex Correction

SUMMARY

There is a bit going on in the PetroDollar (XPD) chart. First is the fractal between the white and the blue outlined triangle. As the price gets closer to the blue triangle apex and as long as the lower support line holds, a breakout of certain degree is expected. Second, the correction is of a complex type.

Detailed Elliott Wave labeling shows a broader WXY (white) where the Y is a combination triangle with abcde subwaves. The white W contains wxyxz (blue) where each subdivides into an abc three. As complex as the labeling might seem, the gist shows that price is moving sideways and XPD is a time pacman for the time being. Still, as price gets closer to the blue wave apex, let's see how the potential breakout might play out.

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