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Oil underwent a complex correction

Oil underwent a complex correction

LIGHT CRUDE OIL FUTURES NYMEX:CLM2016

US Oil underwent a complex correction. The correction wave is quite clear now. We can now see the beauty of elliott wave analysis. The first correction is a regular flat for CLM2016 (Oil contract at May). It is an expanded correction for oil continuous contract see below ( usoil0.00%% or CL1!0.00%% ).

The second correction is a zigzag 535 ABC.

Currently oil gets supported in the second correction channel. Break of the channel will confirm the bearish . After breaking it will go to the bottom line of the large correction channel.

Good luck for everyone!