Why I Love WTI

Practicing Elliott Wave asks that we respond to the evidence while keeping an open mind that market patterns are evolutionary and subjective interpretation easily sees what it wants.
  3 yr. chart
click to enlarge
It is easy for me to see 5 waves down. While not on the chart , there was significant RSI positive divergence at the low, with the low reading corresponding to the termination of 3.

Context; 5 of C?
5 yr chart

More Context

25 yr.chart

click to enlarge
My primary count is that we are still working out the consolidation of the $114 initial -A-wave drop.
The alt count is the more bullish obviously.

In either case the risk is massively to the upside.

Shorter term risk is still to the upside.

Support is generally $43ish, with the .618 retrace around $42.25 so 2 or 3 bucks...meanwhile even if you view this pop as corrective with lower lows to come, "c=a" @ nearly $55. 

How to reconcile a bullish crude view with being a bear on equities and bonds is my problem.


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