Bring on the 20th of August!, page-18

Nice pitchfork indeed. So theres a couple of possibilities form an Elliott perspective, but what I think is happening is subdivisions of impulse waves up (nested waves).
So we have a SUPER CYCLE Wave 2 bottom. From there i haven't labelled all of the waves because it gets complex, but we then put in a Wave 1 and 2. From there it looks like price action has subdivided so we have waves nested withing the larger waves - but the crux of it is that we may be putting in a minor wave 2 right now. Once complete, we will continue in wave 3 of bigger 3 of supercycle wave 3, so we could get a very powerful move shortly.
Im looking for support around the $73 mark, but in theory it could fall further without breaking rules perhaps to around your 70 mark on your pitchfork. In my longer term Stochastic study I'm not expecting the blue longer term study to fall out its bullish posture at all.

IF we regain our bullish stance after this shorter correction, Id expect most of OIL's our price action to be contained in the middle (green) segments of your pitchfork as we should be in a bullish Wave 3 pattern.  We'll probably gain $97 before a more decent pullback.