IF you take a bullish count for OIL - that it is indeed a secular bull trend, then it is possible to plot the wave count onto Beach that follows the counts we see in OIL.
Please note that i consider this a high probability count but would gain more confidence if price can move past $1.80 is the near term. We should see new highs by end of June IMO. Please do your own research as price does not have to play out like this; but I do deem this as correlating to whats playing out with POO right now and im bery bullish at this time.
For those not fmailiar with Elliott Waves, I've tried to describe the counts by their colour code. A quick google search will help clarify my counts as 5 wave up impulse waves.We are in the process of completing supercycle Wave III of which we have various nested 5 wave impulses up.
SO, we have a major Super Cycle Wave 2 in Jan 2016. We then completed Cycle (1) and (2). Cycle (3) has subdivided into a 5 wave structure of which we've completed Red Wave 1 and Red Wave 2. We need 5 red waves to complete our black cycle (3), and right now we're about halfway through red wave 3.
Red Wave 3 is underway as a 5 wave impulse of which we've completed Blue Wave 1 and Blue Wave 2.
IF that makes sense to you, its hard not to be fiendishly bullish on oil. You can see that right now we may be in Blue Wave 3 of larger degree Red Wave 3 of Cycle 3 of SuperCycle 3.
BPT Price at posting:
$1.56 Sentiment: Buy Disclosure: Held
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