Elliott wave analysis of Crude Oil - is a Wave 4 low in place?

CRUDE OIL WEEKLY

CRUDE OIL 4 HOURLY

 

 

Crude Oil

 

We have likely seen or is very close to the bottom of wave 4 and should expect wave 5 to take of any time now. As a minimum I would expect to see a rally higher towards 118.31, but I would not at all be surprised to see an extension higher towards 128.36 as it's very common for the Fifth wave to extend when we are dealing with commodities. So stay tuned for the next rally to take of any time now.