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Elliott wave analysis on oil in weekly chart (2016-04-09)

Elliott wave analysis on oil in weekly chart (2016-04-09)

Above is weekly chart of USOIL0.00%% in log scale. Oil is in a wedge currently. It will meet an important resistance level at around 40~42.5. From elliott wave analysis this wedge has completed ABCD waves. The following wave E might bring oil to 31~32 again (The wave E might be a failed five waves. I do not think it will creat a new low because of the extended wave C). Afterwards oil's bearish which starts at July 7th, 2008 will finish and Oil's bull market will start.

From time analysis, the wave E will probably finish in the week of May 23th, 2016.

Notes: if oil breaks 40~42.5 resistance region and does not retrace back in the next two weeks, this analysis will be invalid.

Good luck for everyone!