Crude Oil looks like the bottom has been made (Elliott Wave)

3 lug 2017

Previously I was considering that the up move from 42 levels was a Wave 4 and that we still had a leg down remaining, however it clearly was not the case as that count was invalidated today.

The count published in this post is the most likely scenario for WTI Crude Oil.
As per this count we are in an impulsive move from the 42 levels and currently in Wave iii of Wave (iii) which suggests that we have a lot of upside remaining.

There is still a slight probability that we might get a connecting Wave x which will follow another leg down, however that would only be clarifies in the sessions to come.

I will update further as this market progresses.