Crude Oil

Bullish Outlook :

In the Monthly frame, Crude Oil could have completed Intermediate wave (B) at the recent low of 37.75, in an A-B-C three-wave. The Intermediate wave (C), when it start to advance, will carry the price toward the 88.64 level or possibly above 114.83.

Based upon the sideways outlook in medium term, after the sharp decline in Primary wave A(circle) (since July 2008), developing the Primary wave B(circle) as a “flat” or “triangle” correction is expected, over the coming years.

Crude Oil - Monthly

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