Oil Elliot Wave Theory

FX:USOIL   CFDs on Crude Oil (WTI)
I came across the article Crude Oil: "Bear Market" Continues? and the author made a good illustration on how the Elliot Wave theory applies to the oil             market we are currently seeing.

If you notice, I used the Fibonacci 1.272 line (high of $62.55 and low of $46.66, which is the end of wave 3) to determine the end of wave 5. As you notice the 1.272 line aligns with the support from back in March.

Nateusna > WTI price went lower than the March support at 1.272 but your projected wave ABC pattern was bang on the money! I see how you are making your projections now and thanks for that. I am just getting used to this way to converse with fellow traders on TVIEW. I tried the TVIEW chat but found it not productive enough for my time invested. This way is much better for me. Talk more later, bye.
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