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. 
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
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...
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