Crude Oil Headed Towards $64?

In our previous post about crude oil we thought the “black gold” is in a post-triangle wave 5. That is why we said it was not a good time to go long on crude oil. Once that fifth wave was over,  there was likely to be a reversal to the downside. The next chart shows how the forecast looked like less than a month ago, on April 30th.
crude oil 30.04.15
Now we could say that wave 4 was not a triangle. Instead, some of the price swings we thought were part of a triangle, turned out to be part of an ending diagonal in wave 5. Nevertheless, the count did not change much. We were still expecting a bearish reversal. The chart below demonstrates how crude oil has been developing ever since.
crude oil 25.5.15.
The price of crude oil topped on May 6th. Less than two weeks later, it stood more than $5 lower. The three-wave decline we were waiting for developed as a W-X-Y double zig-zag. Fourth waves usually retrace the third wave to the 38.2% Fibonacci level. This is precisely the area, where crude oil prices found support on May 19th. So, if this count is correct, wave (5) to the upside could already be in progress. Unless it becomes truncated, it has the potential to take crude oil prices above $64 per barrel.

New to Elliott Wave?

Elliott Wave principle offers a completely new understanding of what the nature of the markets is, what drives them and what can be derived from their movement. This course is for those of you, who have been looking for an honest Elliott Wave guide, describing the method’s advantages over other trading tools, but not hiding its weaknesses.

Check Video Course    or     Check our eBook


See our Video Course
or check our eBook

Last year over 60k readers trusted EWM Interactive to help them in their trading decisions.

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- Xavier N.

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- J. Kotzee

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- C. Montgomery

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- C. Montgomery