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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