Friday, July 29, 2016

Elliott wave analysis of Crude Oil - Correction towards the 50% corrective target at 38.83 expected



Crude Oil - Correction towards the 50% corrective target at 38.83 expected

After a nice impulsive rally (in five waves) of the 26.06 low to 51.67 a corrective decline towards the 50% corrective target at 38.83 now is expected.

The corrective decline is already pretty complex as a double zig-zag combination is seen.

Short term, the decline from 46.13 look a bit stretched, so it should come as no surprise if a minor corrective rally in wave b towards 43.20 is seen before the next decline closer to the 50% corrective target at 38.83. This target could mark the low of the ongoing correction and set the stage for the next impulsive rally towards at least 62.58 and likely even higher, but time will tell.

If you like the above post and want more like it, then you should consider joining my service elliottwavesurfer.com. Click at the link and see, what I have to offer. 

No comments:

Post a Comment