Oil- Likely a bottom@43$- Looking for 51-52$ in 5th wave

2 Sep 2016

There is a rarest of rare pattern happening in Oil as well & taken bears with surprise in current session. Likely Oil has put up a low43$. In the last update, I expected Oil to correct in the c - wave within 4th wave & had a target of 45.50-45.70 when it was trading at 47.30$- Congo, I got that move, but was even surprised by the wave getting extended & even going into 1st wave top@43.52$- which is a violation of one of the elliottwave rules. So, I am taking this pattern as leading expanding diagonal.

Now, I have my targets in the zone 51-52$ as 5th waves are going to big & big.

Let us wait for the time to tell us the story.

Regards,
Abhishek H. Singh, CMT