With oil ($UCO) being up so much since the beginning of the month, it is a matter of time before oil service company such as $WG breaking out to play catch-up. Today is the day $WG kicks off the starting gate.
Take a look at the daily chart below, today breaking out of the last week pivot high kicks off the start of wave 3 of the Elliott Wave Theory. According to the theory of Elliot Wave, wave 3 is normally the longest wave of the 5 waves pattern. Therefore, I expect today price action will zigzag all the way to previous high of $10.45 or more.
Needless to day, I bought $WG when price action took out last week high.
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