Oil underwent a complex correction

US Oil underwent a complex correction. The correction wave is quite clear now. We can now see the beauty of elliott wave analysis. The first correction is a regular flat for CLM2016 (Oil contract at May). It is an expanded correction for oil continuous contract see below (usoil or CL1!).

The second correction is a zigzag 535 ABC.

Currently oil gets supported in the second correction channel. Break of the channel will confirm the bearish. After breaking it will go to the bottom line of the large correction channel.

Good luck for everyone!

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We can compare the structure of UKoil with CLM2015. They are quite similar. They can be counted the same but I just made these two alternative counts to compare.

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Watch carefully the following 4hr candle. It seems that oil has broken out of the rising channel. Good luck!

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Nice! Rising channel breaks. USOil is on the way to 40.8.