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Short

Elliott wave analysis the structure of CLN2016

NYMEX:CLN2016   LIGHT CRUDE OIL FUTURES
CLN2016 is usoil             contract at July and will be the main contract after May 20th. We can see the powerful of elliott wave analysis here.

The rally from 31.61 to 47.54 is quite clear from elliott wave analysis. The rally is a nice 53535 leading diagonal structure because the wave 4 retraced into wave 1. The wave 5 is a nice 33333 ending diagonal structure.
We can clear see how alternative rule plays here. The wave 2 is a regular flat correction . The wave 4 is a zigzag correction.
The wave 3 is an extended wave with 3-2 is a triangle correction and 3-4 is a regular flat correction which fits the alternative rule quite well.

We can compare the ew analysis with usoil             continuous contract and ukoil             continuous contract which are also very interesting.
USOIL:
UKOIL
Following will be the correction of this leading diagonal rally. The correction usually stops at previous wave 4 region.
We can sell when it retraces with
SL at 45.65.
TP1 is 41.97.
TP2 is 39.47.
Good luck for everyone!
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