In my view on the quarterly chart, Crude Oil completed five-wave sequence up, at 147.27 peak in July 2008. Over the past 8 years, Crude Oil is likely to correct in the segment of a three-wave sequence which may be a A-B-C formation(of circled degree).
“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
Based on the guide line, As a description on the subsequent of the overall corrective portion, would suggest :
The sharp simple structure fall is likely the wave A(circled), the rise could be wave (A) of wave B(circled) zigzag/triangle possibilities in progress, and then wave C(circled) decline which would be yet more complex ahead.
The span of travel of the previous fourth-wave of one lesser degree is a common target after five-waves rallies, Hence Crude Oil on both the alternatives may eventually work its way down to the 19.40 level, over the coming years ahead.