Elliott Wave Analysis of Crude Oil (QM) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
Crude Oil, like the currencies, had been floating adrift for the first day-and-a-half of trading this week, but appears to have awakened in late trading today. If my count is correct, Crude Oil will rally in 5 waves over the next few days, moving above $104.675, and likely to the $107 area, where the .618 retracement level of the 5-wave bearish impulse from May 2 through May 6 resides. See the chart for invalidation points, minimum upside target, likely upside target, and the eventual downside target below $64.50.
