Elliot wave analysis on oil

٢٢ يونيو ٢٠١٥

Oil is in consolidation for nearly two month. The time cycle shows that it will finish the consolidation soon. From EW theory, I think it needs to go 5 wave down to complete the C wave. The target of the C wave is around the fib 0.618 (54.7) or 0.5 (52.3).

After finishing the C wave, oil might recover the up trend and target to around 74 for the wave (3).

I know there are many EW experts in tradingview. Comments and suggestions are welcome.

Good luck for everyone!