Elliot wave analysis on oil (2015-08-08)

NYMEX:CL1!   Light Crude Oil Futures
Time target:
I published idea last week that oil is forming three half-moon pattern from small to large. The first one takes 16 days. The second one takes 48 days. The third one will be very likely taking 96 days which means it will complete until August 7th.
 We can get the similar result from fib time analysis which shows it will complete around August 12th. The period for oil rising from 42.02 to 62.55 is 49 days. The period for consolidation before this bearish down is 49 days too. The period for this bearish will be 49 days by August 12th.

Price target:
The oil has filled the gap which formed at March 20th. It will touch the pitchfan 0.75 support line soon.

Wave pattern:
From EW theory oil is in wave 5. It will probability complete the 5 waves down soon.

Trading suggestion:
No confirmation, no trading. Wait the confirmation of up move with large volume . If the volume of up is few, please keep cautious.
Comments ans suggestions are welcome!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.