5 Wave Elliott Wave Analysis Long Oil

NYMEX:CL1!   Light Crude Oil Futures
The impulse is at the bottom of oil             . We are currently in wave 4. If you look at the daily inverse hammer in wave 1 you can see we had a very bullish move after that. We had a consolidation Friday February the 26th. Expect a long move up in the 5th wave.
(The fourth wave holds the characteristics of being a fourth wave - it retraced less than 38.2% of wave 3.)
Note: The 10 day simple moving average is in the study (– in blue), because it is important to see that every time a red candlestick dropped significantly below the 10 day simple moving average “we shorted”. Currently, we are not in that “shorting territory”.
The pink highlighted area in the chart is the overall S&R ( support and resistance ). This S&R is relevant to the current resistance and long-term support early in 2009.
Look at how we are presently above the short term bearish trend – the turquoise dashed line; a bullish trend is evolving.
The fifth wave is what we are getting into [from the bull flag as seen in my first CL1!             Chart and noted in this chart as a green flag icon] the strongest and most dominant wave in terms of a bullish trend .
We tested the bottom in January three times – look at the candle stick wicks (testing that area). When oil             had its bottom in 2009 we had a W-like shaped formation. The green dashed lines are key levels of level of LONG TERM S&R.
The Gold             line is a longer term trend of the oil             sell off, but this sets up a new target for the 5th wave of the Elliott Wave Analysis. In the short-term, we are in the midst of forming the 5th Elliott wave .
The highest probability price target is the “+4.68 (+14.16%) in 38d” price target. A quantified long term PT (price target) is +15.09 (+45.53%) in 91d.
NOTE: We could go to area D in Cypher pattern – the pink butterfly pattern . However, long-term trend is bullish . We most likely reach level D in the Cypher pattern if the Elliott Wave pattern enfolds & really breaks-out.
Please, invest wisely and assess your risk tolerance level.
Do you think Monday we likely hit 32 and then bounce?
That looks promising based on prior highs. Expecting a pull back before a launch.
We most likely won't reach level D*
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