DineshKrishna
Long

Crude oil - In depth Elliott wave analysis

NYMEX:CL1!   Light Crude Oil Futures
Greetings oil traders,

As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y)
Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y)
and the initial move (X) has been stagnated for some time at the areas of 23.6% and been resuming its move higher now.
the further resistance are offered by two factors - trend line (LONG TERM) & the Fibonacci Resistance as it is given in the chart,
The wave (X) in super cycle degree has been subdivided into triple three correction, within which wave W & X are completed and after which wave Y is currently being traded in cycle degree.
For folks who find it difficult to follow, check our website where we have a shot a video presentation explaining the whole process from 2008 to till date - a really detailed analysis for free, check it out here
http://www.mytradingcourses.com/single-p...

P.S
You are welcome to seek any clarification on this & any of our past analysis
Thank you
Comment: The daily chart is being updated here,
within which the intermediate waves are being labelled and the three resistance levels were given within the daily chart and the SLwould be 43.07 - for very conservative traders and rest of the community can wait till 40.77 to take the swing low - this levels represent the swing trade setups only.
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