USOIL and The Elliott Wave Updates.

The structure seen is a 5 Wave move and is part of a B(3 Wave structure) of a Flat marked in Black. In this 5 Wave move marked in Red we can see that Wave 2 was a Zigzag, meaning our Wave 4 would be a Flat. Wave 3 hits the 161.8% mark and moves back to form an A of the Flat marked in Green. B must be a 3 Wave move and must move beyond the ending of 3(Red). When this occurs, a Wave C is formed(Green) and hence Wave 4(Red). What is left is a final Wave, a 5, to complete the first impulse of B(Black). Upon completion there must be a corrective structure to separate the impulse that just ended and Wave B's final impulse. Marked in Blue, is Wave A that just ended, a Wave B that we can expect to be against the trend and a final one that will begin soon after. Note, Wave B(Blue) MUST be a 3-Wave move.