Crude Oil Elliott Wave Idea
Updated
An alternate to his idea > 
And part of this idea >
This is now my primary count as it's the most obvious wave scenario and looks like 3 of C was completed at Fridays high.
If the base channel (blue) holds at the .382 level next week then we may see a 5th wave to to $70 area to complete a larger wave 1, followed by wave 2 to the 0.5 level before wave 3 to $76+
If the base channel doesn't hold then I think it's likely that an ABC completed at Fridays high and that would likely take price below $60.
You can see in subwaves of wave 3 another channel with wave 4 correcting to the channel bottom and 0.382 of wave 3 >
The larger wave 3 (of C) hit the base channel top and we might see it correct to .382 of wave 3 before up to the .618 extension >
If it is a larger wave 1 we're in then $78 looks possible >
And part of this idea >
This is now my primary count as it's the most obvious wave scenario and looks like 3 of C was completed at Fridays high.
If the base channel (blue) holds at the .382 level next week then we may see a 5th wave to to $70 area to complete a larger wave 1, followed by wave 2 to the 0.5 level before wave 3 to $76+
If the base channel doesn't hold then I think it's likely that an ABC completed at Fridays high and that would likely take price below $60.
You can see in subwaves of wave 3 another channel with wave 4 correcting to the channel bottom and 0.382 of wave 3 >
The larger wave 3 (of C) hit the base channel top and we might see it correct to .382 of wave 3 before up to the .618 extension >
If it is a larger wave 1 we're in then $78 looks possible >
Comment
Target reached; wave 4 didn't drop as deep (only .236) but 5th wave is nearing and end in my opinion
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