Elliott Wave 5.0 "Reboot"

Friday, April 8, 2016

WTI Crude Oil Review: Is A Correction Due?

For now I am still going to go with the shorter term bearish theme as my bigger impulse pattern has been broken. The April 5th bottom went far too deep to be another 4th wave at this time. 

In the last few days crude oil has come back hard which I had as a wave 1-2. Since we can also be in a big zigzag right back down to new lows we could be  in another  inverted "ABC" rally.  At a minimum we would need another 5 waves down in Micro degree.  This is not the only wave count we can have as an "ABC1" (diagonal wave 1) could have topped in March. 

If that is the case, then a short correction would happen and this bullish phase would charge right ahead and not look back. Just under $37 would be a good place for a correction.