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Crude Oil Monthly - At significant support levels

Crude Oil Monthly - At significant support levels

Crude Oil WTI NYMEX:CL1!

Crude is nearing support levels not seen in many years... with the 2009 low broken we are now testing the 2003 low and a significant origin of a massive 360% increase in the price of oil back in 2003

What is also interesting is we have some harmonic patterns shown as well, in the form of what could be a type 2 gartley pattern (with equal lows) or an alternate bat pattern at around $22.
Adding fuel to the bullish fire is also the fact we have bullish divergence on the RSI and a clear Elliott wave 5 wave count from the July 2014 high with Fibonacci cluster levels around these key levels

All of this has me looking to buy Oil rather than sell it, and if the $25 level holds I will be scouring the lower time frames for reasons to go long, if broken the next significant support level is around $22

Overall my bias is bullish and at these levels there is a good chance of a quick and sharp short covering rally in 3 waves to complete an Elliott 8 wave structure up to around $60-70 offering a very large upside potential with minimal risk

Looking to BUY