Crude oil Wave Count

Since crude oil gave a breakdown below the expected tip of primary wave 1 the wave structure has changed dramatically. Long term price damage to crude oil prices is extensive and can lead lower prices over the next few years. Take a look at the current 'altered' wave count for crude oil -




We are now in the first leg down for crude oil. The current move is the wave 'A' of the ABC decline. The lower degree wave 4 ended at level of $25. So it is possible that crude oil prices might decline to this levels before the next bull run emerges. The short term for oil price is looking much more promising. In the wave 'A' we have already formed the wave 3 low and are possibly in wave 4. Take a look -



In the very short term crude oil may reach the expected target of $55 if it is able to cross $46 on a daily close. $38 should serve as a strong support.

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