Oil underwent a complex correction

US Oil underwent a complex correction. The correction wave is quite clear now. We can now see the beauty of elliott wave analysis. The first correction is a regular flat for CLM2016 ( Oil contract at May). It is an expanded correction for oil continuous contract see below ( usoil or CL1! ).
The second correction is a zigzag 535 ABC .

Currently oil gets supported in the second correction channel. Break of the channel will confirm the bearish . After breaking it will go to the bottom line of the large correction channel.

Good luck for everyone!
Comment: We can compare the structure of UKoil with CLM2015. They are quite similar. They can be counted the same but I just made these two alternative counts to compare.
Comment: Watch carefully the following 4hr candle. It seems that oil has broken out of the rising channel. Good luck!
Comment: Nice! Rising channel breaks. USOil is on the way to 40.8.


what is your target for oil ? Thanks
+1 Reply
It might go to around 40.8 if it breaks the current rising channel. I am now waiting for the confirmation of breaking the channel! Good luck!
+1 Reply
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