Today I have chosen long term Elliott wave view of US Crude oil. Since all time high placed near $147.34 on July, 2008 oil has been correcting in extended form of WXY.
Corrective wave w was formed in red wave abc . Red wave a also formed five sub waves and finished @ 32.16 by placing medium term bottom and then prices were moving higher to complete red wave b and this red wave b was completed @ $114.84 on May 2011.
After completion of red wav b, price were going to complete its final red wave c of blue wave w. and this red wave c completed at $26.11 by placing medium term bottom on Feb, 2016 and completed blue wave w structure.
Corrective wave x was formed in red abc pattern and this blue wave x finished at $77.12 on October, 2018. After that, last corrective wave blue y was formed to complete corrective structure and place all time bottom @ 6.79 on April, 2020. this blue wave y also composed of three red waves abc.
If we look at current price movement at chart after placing blue wave y, new impulsive rally has already started and in coming weeks we will see that this rally will reach near $100 or event higher for its first target in red wave 1.
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