Crude Oil Forecast August 2016 onwards (Elliott Wave Analysis)

WTI Crude August 2016 onwards

As per this daily chart a 5-3 move is already complete up till the 39 level, now as per the Elliott Wave the progression should be 5-3-5 in both cases.(Case 1 : Impulse, Case 2 : Correction ), hence using the basic Fib. extension the target are-
T1 – 64 mark (100%)
T2 – 70 (123.6%)
T3 – 80 (161.8%) Maximum in case of non extended wave.
SL – 42 (Should be trailed as the market moves in the upward direction)
Based on this analysis atleast the 64 mark should be achieved.
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