Crude Oil - Low expected near 38.78

WTI Crude Oil - Low expected near 38.78 
 
The rally from the mid-February low at 26.06 was in five waves (impulsive) indicating that at least an zig-zag (A-B-C) rally should be expected. 
 
Wave A rallied in five waves from 26.06 to 51.67 and has been followed by a corrective decline (double zig-zag correction). This double zig-zag correction is now close to completion and is expected to complete near the 50% corrective target at 38.78 from where a new impulsive rally towards at least 62.58 is expected. 
 
The first strong indication of a bottom being in place, will be a break above minor resistance at 41.83, while a break above 43.74 will confirm the bottom is in place and a new impulsive rally is developing. 

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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 ...
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...