FX:USOIL   CFDs on Crude Oil (WTI)
80 6 0
With WTI breaking over 14.74, the move down is now looking corrective. I've revised the lower targets. Taking out 48.91 in impulsive fashion would suggest the consolidation is over, but that's not my expectation at this time.

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Instead of confusing myself and you too, I've just posted a bigger timeframe picture. Maybe this helps, or perhaps another Ellottician most skilled than me can weigh in...
+1 Reply
nick.holland78 nick.holland78
Over the .764 extension - which we are - purple count looks less likely since wave v of 1 extended beyond typical lengths. An extended 5th isn't unusual in commodities, and wave iii doesn't have to be the longest, just can't be the shortest, but this is getting quite far extended imo.
Bulls just won't give up.
Looks like 50/51, top of resistance box, will be tested. Over 51, resistance becomes support.
Could be a higher completion of the impulse in each of my alternative counts.
- The 100% extension is a typical target for corrective waves (green count)
- The 100% extension is also a typical target for wave iii of (iii) of 3, where wave (iii) targets the 1.236 and wave 3 the 1.618 (white count)
- Finally, today's pullback did stop at a 38.2% retrace as indicated which is a typical target for 4th waves. (see prior wave (iv) in purple count)
nick.holland78 nick.holland78
Note on white count should have read, "100% extension is a typical target for wave (iii) of minute (circle) 3 of minor 3, where minute 3 targets the 1.382 and minor 3 targets the 1.618 (white count). I couldn't see the wave degrees while I was typing and lost track. Sorry...
Thoughts on this now? I'm currently short at 48.44 but I've had my butt handed to me today from oil.
do not worry.... oil will go down .. look at the weekly chart and the previous resistance levels. the roll over has caused a gap up and big boys want to lift the price a bit higher to short spike it down.. hold and do not worry... good luck.. make money..
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