Crude Oil - Low in place at 56.41?

Crude Oil low in place at 56.41? 

Is the relentless decline in wave iii finally over at 56.41? It could well be the case. At 56.61 light blue wave v was 61.8% the length of the distance traveled from the top of light blue wave i to the bottom of light blue wave iii and 61.8% of that distance subtracted from the top of light blue wave iv gave us a target of 56.61 and with a low at 56.41 I would say, that is a perfect hit.

However, to confirm that a bottom is in place, we need first a break above minor resistance at 59.18 and more importantly a break above resistance at 64.17 is needed, but if/when that break is seen a correction towards the top of of wave iv at 77.81 should be seen. But for now, we should be looking for a break above minor resistance at 59.18.  

Tommy
2015-02-26
Great call on nat gas

Just wanted to drop you a note to say great call on nat gas as it held 2.67

Great job.

Tommy
Thomas
2014-05-28
phenomenal new service EWS, I have followed you for 18 months and the exceptional analysis continues unabated! I look forward to the daily updates focusing on the most interesting and potentially lucr...
Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...