Elliott Wave 5.0 "Reboot"

Tuesday, April 12, 2016

WTI Crude Oil Intraday Review: Going To The Moon?



At the speed this crude oil chart is flying we should be at $100 before year's end. That may be wishful thinking alright, as nothing goes up in a straight line for very long. It must correct or down right change its trend and head in the opposite direction. 

The last few waves we see that seemed to jump out of nowhere, fit an ending diagonal very well. If we are just heading into a correction, then the downside should be limited around the $39.50 price level. Much lower than that and my "B" wave top would kick back in. 

I am pushing my 4th wave with this count as I have a slight overlap in this case. Any overlap can make or break any wave count, so this can come back and haunt the wave count at any time.