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Crude OIL Intraday Elliott Wave Analysis

|Includes: iPath S&P Crude Oil Total Return Index ETN (OIL)

Crude oil is also showing some signs of a bearish reversal, but so far only with three legs down from the highs so we need to wait more before we can confirm any top in place. In other words, we need an impulsive downside price action, and acceleration to 102.00 (161.8% and 261.8%; typical wave three targets) would be nice and strong indication for an impulse in progress.
Crude Oil (May 2014) 30min Elliott Wave Analysis

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