SUMMARY
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BP P.L.C. (BP) has come a long way since the Deep Water Horizon crisis almost ten years ago, when one of it's deep sea wells were leaking and spewing oil off the Gulf of Mexico. That even coincided with the red A corrective wave as shown in the below chart. Before that, everything was just rosey! The impulse waves (white) had kept brining in newer and higher all time highs...until the correction, when wave 5 was completed.
The ABCDE sequence has been sub-labeled as each breaks down into three (blue waves). The blue c of red A is exact wave the coincided with the Deep Water Horizon crisis. It's an example of how news and events arrive to justify the forecast. The remaining red B, C and D waves are also likely complete. That leave red E and its subwaves have been marked. This symmetrical triangle has the potential for a D wave breakout but given the toppy view of the overall market, the E wave will probably be required. It's after that when likely price will turn up again to deliver all time new highs. Would you be in a rush to buy BP?
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