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.  

JT
2014-06-23
Its been a pleasure over the years I have been following you and even better as a member the education you provide in my view is invaluable you can read books as I have but to see how you evolve your ...
Duane
2014-05-26
Great job this week!! Wish that I had more capital to capitalize on all of your great calls! The ones that I have managed to catch have been extremely profitable. I really appreciate you sharing you v...
Duane
2018-03-03
Hey EWS,

I just wanted to thank you for posting your charts. They are of great help to me. Your charts are a great teaching aid for learning Elliott Wave.

Duane