Crude Oil

On the quarterly chart level, Crude Oil completed five wave up in July 2008, and it is likely to correct in three wave.

“Quiet often, when a large correction beings with a simple structure as first wave, the following waves will stretch out into a more intricately subdivided corrective form to achieve a type of alternation.”      Elliott Wave Principle

Accordingly, for the wave sequences of overall corrective portion in progress; it would suggest that, the sharp simple structure fall is likely the wave A(circled), the rise could be wave (A) of wave B(circled) zigzag/triangle in progress, and then wave C(circled) decline which would be yet more complex ahead.

The balance level on the previous fourth-wave triangle is a common target after five-waves rallies, so Crude Oil on both the alternatives may eventually work its way down to the 19.40 level.

Crude Oil-Quarterly-TC

Crude Oil-Quarterly-ZC

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