Crude Oil Elliott Wave Idea

TVC:USOIL   CFDs on WTI Crude Oil
An update to long term theory >

It looks like wave 3 of 3 of 5 is completed so may pull back soon to .236 ($73,92) or .382 ($72,80) before the next leg up.

Interestingly in a variation of the same long term theory we hit the .382 extension at $75,75 > This is using the fib extension from the start of wave 3 at $45,67 to the top of wave 3 at $75,27 and end of wave 4 at $64,48. I do think that even though this level has been met that there are more waves up to come.

In the current chart I have changed the parameters for the fib extension tool by starting from the beginning of wave 1 at $42,08 to the top of wave 3 and end of wave 4, based on that I believe price can hit the 0.5 extension at $81,03.

This theory can be ignored > I miscounted here which is a variation of the original subwave count here >
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