Friday, May 27, 2016

Elliott wave analysis of Crude Oil - Has tested the 50.16 target, but a rally to 50.98 is still possible

Crude Oil - Has tested the 50.16 target, but a rally to 50.98 is still possible 

I have been calling for a rally towards 50.98 as the ideal target for a while now. Yesterday, we saw a test of the 50.16 target (the high was seen at 50.20). As long as minor support at 48.66 is able to protect the downside, we could still see a continuation higher to the ideal 50.98 target, but from here or upon a direct break below support at 48.66 a corrective decline towards 42.50 should be expected. 
I still see and hear quite a few calling for a new decline to below 26.06, but my long term count does not support a new low below 26.06. To the contrary my long term count calls for much more upside to be seen. 
My long term cycles called for a bottom to be seen around January 18 and just two weeks after crude oil finally bottomed at 26.06. With the low in place, my next cycle top should be seen next week, but it should only cause a minor top and set the stage for a minor correction before moving higher again for many weeks/months, working its way higher to 62.58 and 80.00 as the next major upside targets. 

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