Crude oil - In depth Elliott wave analysisGreetings 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
www.mytradingcourses.com
P.S
You are welcome to seek any clarification on this & any of our past analysis
Thank you
