ShivaShrivastava

According to Elliot wave theory, crude is on its 5th wave. As a rule, W1 and W5 are to be of same length, therefore i have certain belief that our 1st target is around 55.40, which is also 38% retracement level from the starting of trend (i.e oct).

Certain hours ago a news came out, about higher crude output, this is a sell signal, but a weak one, also short term moving averages have crossed downwards..

The instrument is forming what looks like an ascending triangle, so taking long positions is favorable, if the breakout happens today than first target will be 67.27, although it is first likely to kiss the bottom around 66.48..