When the Grand Super Cycle (GSC) in crude oil finished his 5th wave in 2008, a sharp and fast decline occurred. Through Elliott Wave perspective, this crash can not be the whole correction of GSC degree, since corrections have three waves. In other words, the rise, that started from the 34$ bottom and is currently in progress, is a fake one. It is a correction within the correction. We think that crude oil is in the final wave “e” of a triangle for “X”. Triangles always develop in a position, prior to the final move of one larger degree. So, the final move to complete wave “(B)” should be the “Y” wave, after which new crash will be expected for wave “(C)” to the downside. Only after the whole (A)-(B)-(C) ends, a real, long-lasting rise could begin.
