Long-Term Elliott Wave Count
- I am assuming that from the July 2008 Top Oil is unfolding a Zig Zag, therefore the wave (C), which is underway, will likely test the 2009 low and probably establish a lower low.
- The wave (B) was established on August 3013 with a complex Double Zig Zag, hence following this scenario, we are now in the wave (III) of (C)
- We have technical and sentiment reasons (Contrarian indicators) to consider probable that price has established a bottom. If this is the case (Bottom of the wave III) the next move should be a multi-month wave (IV) rebound.
- The first resistance = potential target, in the monthly time frame, is located at 67.15 (Continuous future contract)