CRUDEOIL --THE ELLIOTWAVE PERSPECTIVE IN QUESTION

BIGGER PICTURE OF CRUDE OIL ---- AS PER ELLIOT WAVE

Crude oil has been in corrective mode since July 2008.
I had 4 hurdles for crude oil to breach itself to go towards its life time peak...By the time I m posting this...its already through with the 3rd hurdle...

CASE 1:
If crude oil unfolds into motive wave sequence(1-2-3-4-5) and also breaches key level for bulls and bears...It may result in positive structure for crude oil...Bulls will be more confident then on...But this scenario is not good for economies importing crude oil...

CASE 2:
If crude oil fails to breach the key level for bulls and bears... bears may start smelling honey in crude 😀😁😉
As of now bull party🚀 is on...