Elliott Wave 5.0 "Reboot"

Monday, January 25, 2016

Crude Oil Intraday Review

The start of this rally can fit a great impulse wave, but it is starting to fall apart if it crashes much lower. By the looks of it, this may be a 4th wave so one more leg down can still happen. 

We had a small spike at the top and then a small push higher, which could make this an expanded pattern which would definitely give us another leg up in crude oil.  In an impulse the 4th wave will find support at my top trend line.  The deeper this correction goes bigger the odds get that a bear market rally is still in progress.