Crude Oil Outlook

Been awhile since Crudewire turned attention to crude oil...for good reason ...there has been nothing to report except nothing to report.
Weekly
click to enlarge
WTI has been trading for the most part between 75 and 105 for 3 years and is now smack in the middle of that range.
Normally a flag would be expected to break to the upside. Less sure in this case though. For all the previously argued reasons.
Daily
C will = A at around 74

Brent might have a cleaner Elliott wave structure to look at.
Weekly
click to enlarge
The Y= .95 of the W, giving significance to the related nature of the 2 legs and suggesting that the structure is complete. 
Shorter term a test of the low of  the range has a slightly greater chance of being seen , but it can well be just part of further sideways consolidation lasting several more months, rather than the beginning of an extended wave down.
Daily








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