Elliott Wave 5.0 "Reboot"

Tuesday, April 5, 2016

WTI Crude Oil Intraday Review: Not Going To The Moon Just Yet!

So far the decline still fits into an impulse  which also contains a potential expanded  pattern it the 4th wave position.  It may come back where I have to adjust it, but we will deal with that when the time comes. There is a good possibility that this set of 5 waves is coming to an end, but we still have a long way to go. At best,  we could be coming up to an "A" wave and a zigzag would take us to new lows. That would give us an oil ending, by crossing to new record bear market lows with a 3 wave pattern. 

Before you know it oil could be back into a bullish phase that will push north one more time.  Any oil rally could coincide with a stock rally so this is something we should keep looking for. 

Short term we may see a bullish phase and we need more evidence that the patterns are bearish rally corrections, so far it seems that way.  

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