As everybody Know that crude oil is falling and it is upto the world but the charts are different story from the rest. Based on Elliott wave analysis and the unfolded Wave structure ( correlating past & present) and by the rules & guidelines of the same, we can anticipate high probable counts for future and that is where the Wave Principle helps in unwrappling the mystery.
When we get down to weekly chart we can identify that the current price action from MAY 2011 to this day have been developing into a complex triple three Structure (the circled alphabets W,X,Y,X and Z) within which each wave have been subdivided into WXY (Double threes) A pattern within a pattern is a strong Signal of the ongoning trend's wave structure is about to end by the final leg moving towards 23.40 levels (mostly anticipated).
Why i say this...the reference link is given below do check it...!! and also to one lesser degree (Daily chart is labelled over there),
OK What after that,
As it is labelled on the chart; after the current trend ends in 23.40 levels it is going to be one healthy Correction lifting Crude to the FIBO retracement levels of 58.29 - 62.49 which is the area coincides with the 38.2 R levels and there may further rally to the upside to 50% or 61.8 % of current trend.
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