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Saturday, 23 June 2012

Crude Oil Elliott Wave Weekly & H1 Update

Impulsive count down was invalidated as was shown on my last chart.
Right now wave C up of corrective wave 4 ended at 261%Fib Extension of wave A measured from wave B low, produsing an Irregular Flat Correction.

The question is: is the correction over and we might see impulsive wave 5 down? This wave will be wave 5 of a wave 5 of a big wave 3 down in my count. But if we can enhance the odds and realy on rule of alternation that says wave 2 and wave 4 can not be the same in relation to price and time. So, this wave might develop into complex correction.


On Weekly chart the price is on the trendline support however. The most frequent downside extension fo the end of wave 5 is @ 68.60.

Seb


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