Wednesday, May 18, 2011

Crude Oil Correction

Ok, looks like a very good possibility that the 2 wave correction up discussed in the previous post,
Crude Oil Update is complete.
Hourly
click to enlarge


Note that the second series of abc's is .618 of the first series.
I'm labeling this as a double zig zag 2, rather than a -1-, -2-, because the wave labeled x did not make any new lows.
Additionally the structure of the final c wave is also structured as -c- = -a-.
 15 min
  click to enlarge

Now looking for a 3 wave down that will have some relationship to the 1st wave's move of 20.23.
From 101.42 the 
3= 1 @ 81.19
3= 1.618 of 1 @ 68.69 
3 =  2.618 of 1 @ 48.46

Additionally from May 8 
Crude Oil Targets

The C wave =  .78 of the A  at 25.41
The C = .76 of the A at  27.70
The C= .618 of A at 43.98.
The above 43.98 = a 76% retrace of the 10 to 147 final move up in the previous structure as well.















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