markrivest
Long

Crude Oil May Have Begun a Multi - Month Rally

NYMEX:CL2!   CRUDE OIL FUTURES (CONTINUOUS: NEXT CONTRACT IN FRONT)
Crude Oil has a seasonal tendency to bottom in December or January. The December 26th Crude Oil bottom (same day as SPX ) came at a support zone in the $42 area with a significant RSI Bullish divergence . A clear Elliott wave "A -B - C" corrective pattern also appears complete at the 12/26/18 bottom.

Crude Oil usually has a seasonal rally January to April. Minimal upside target zone in the $60 to $64 zone - a 60 to 66% retracement of the October to December decline.

If Crude Oil breaks below the recent bottom at 44.67 it would put this forecast in doubt.


Mark
Nice Analysis. By the way, it was nice to call SP500 a bottom weeks ago.
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markrivest cocawater
@cocawater,

Thanks
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