Here is my new chart. If correct we are close to completing Wave C of the correction with in Wave 2 of the main trend. Or I am just complete wrong.
Elliott Wave Count – Oil
As a geologist and former investment advisor as well as corporate finance associate for a Canadian investment house that financed resource exploration I have a big interest and fascination with the commodities market. In a few previous posts I have discussed the Elliott Wave count for oil, here (my count) and here (someone elses count). It appears I have the count wrong or that the retracement of Wave 2 is larger and it re-traces 0.618 of the Wave 1 rally.