QM1!- Likely a bottom in 4th wave@43$- look for 5th Wave@50$ +

2 set 2016

From previous update,

At 47.35$ -I expected that we shall see some more correction downside till 45.50-45.70$ in c-wave of 4th Wave. We got that move exactly as expected but it got extended & even went below 1st wave top which is likely not permitted as it is violation of Elliottwave rules- 4th wave cannot enter 1st wave territory or 1st wave top@43.52$.

Well, I have modified my count The reversal which I was expecting is giving me a hint that Oil has likely put a low c-wave of 4th wave43$- so keeping that as key level & 41.10$ as critical level - we shall be looking for 5th wave advance in the zone 51-52$.

Here, as there is an overlap - I am considering this structure as an expanding leading diagonal.

Regards,
Abhishek H. Singh, CMT