DanielKjoelstad
Long

Possible wave pattern

NYMEX:CL1!   Light Crude Oil Futures
Possible long term wave pattern. If valid we seem to be in a ABC correction, and should expect a move up in price to point C. The first target zone would be last impulse wave 4's zone which goes up to around 62.5
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Idea and wave count gains further support. Ready for a breakout of fib 0.618 on daily chart. Price might need to consolidate some first.
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Lets see if fib 0.382 will hold as support for the bullish (cyan) trendline tomorrow.
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Like your idea but I think it will go a little bit higher, 65 is my magic number. Afterwards a big correction? to 25 or even lower again
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DanielKjoelstad showerreport
Sorry, I didn't see your reply before today. But yes it's not easy to say exactly where point C will end if so. There is a lot of resistance thought around 58-62 as you can see on the chart below, so it will require a lot of power to get above it.

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And we just broke out, and have fib 0.618 of last primiarly wave B below acting as strong support.
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