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Oil underwent a complex correction

Short
Crude Oil Futures (Jun 2016) (NYMEX:CLM2016)  
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NYMEX:CLM2016   Crude Oil Futures (Jun 2016)
Crude Oil WTI Elliott Wave analysis Parallel Channel correctivewave
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usoil elliottwaves analysis parallelchannel correctivewave
US Oil underwent a complex correction. The correction wave is quite clear now. We can now see the beauty of elliott wave analysis. The first correction is a regular flat for CLM2016 (Oil contract at May). It is an expanded correction for oil continuous contract see below (usoil or CL1!).
Oil might have finished the first stage of correction
The second correction is a zigzag 535 ABC.

Currently oil gets supported in the second correction channel. Break of the channel will confirm the bearish. After breaking it will go to the bottom line of the large correction channel.

Good luck for everyone!
Commentaire:
We can compare the structure of UKoil with CLM2015. They are quite similar. They can be counted the same but I just made these two alternative counts to compare.
Interesting structure of UK oil
Commentaire:
Watch carefully the following 4hr candle. It seems that oil has broken out of the rising channel. Good luck!
snapshot
Commentaire:
Nice! Rising channel breaks. USOil is on the way to 40.8.

Idées en relation

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Pay attention to the wedge carefully
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Elliott wave analysis the structure of CLN2016
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Interesting structure of UK oil
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Trading 3#: Trading setup for US oil
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Oil might have finished the first stage of correction
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