Crude Oil - At the tail end of wave 3 ?

Crude Oil WTI (USD 45.39)

Crude oil (WTI) closed lower at US$ 45.39 on Monday. After completing its wave B in April 2011 at US$ 114.83 level, it took 3 years and 2 months to complete its wave 1 and 2 of C.

It started its wave 3 in July 2014. Within 7 months, it has dropped 58%.

If wave 3's magnitude is 1.618 times of wave 1's magnitude, very likely wave 3 will find its bottom at US$ 43.00 level, only another US$ 2.39 to go and that can be reached within a day.

Let's see whether the US$ 43.00 level can hold.


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