The bigger picture for this idea > 
And follow up from this idea >
If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. Ultimately the invalidation point for this count is wave 4 crossing wave 1 at 6636, however, if the base channel breaks I think bears might have control.
The blue fib levels are the extension and retracement levels for the subwaves of the bigger 5 (green) and the green fib levels are the extensions of wave 3 (green).
Thought I would show the subwaves I counted up from $42 for anyone interested:
For wave 1 from $42 to $50; An awkward wave to count but settled with this >
For wave 3 of 3 of 3; A running flat correction for subwave 2 to the .236 level >
For wave 4 of 3 of 3; A WXY with Y terminating at the 0.5 extensions of W >
For wave 5 of 3 of 3; An ending diagonal >
For wave 4 of 3; An ABC >
That terminated at 0.382 of wave 3 > 
For wave 5 of 3; A very brutal move upwards with wave 3 hitting the 4.618 extension of wave 1 and an ending diagonal for the final wave >
And finally the big wave 4 that formed what appears to be a WXYXZ right to the lower channel trendline >
I tried to predict this wave many times (tradingview.com/chart/USOIL/3ICy3m3j-Crude-Oil-Elliott-Wave-Idea/) with a little bit of success.
To further reinforce my belief in this count wave 3 also hit the 3.618 extension and wave 4 almost hit the 0.382 level but I think the bullish trendline prevented that >
And follow up from this idea >
If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. Ultimately the invalidation point for this count is wave 4 crossing wave 1 at 6636, however, if the base channel breaks I think bears might have control.
The blue fib levels are the extension and retracement levels for the subwaves of the bigger 5 (green) and the green fib levels are the extensions of wave 3 (green).
Thought I would show the subwaves I counted up from $42 for anyone interested:
For wave 1 from $42 to $50; An awkward wave to count but settled with this >
For wave 3 of 3 of 3; A running flat correction for subwave 2 to the .236 level >
For wave 4 of 3 of 3; A WXY with Y terminating at the 0.5 extensions of W >
For wave 5 of 3 of 3; An ending diagonal >
For wave 4 of 3; An ABC >
For wave 5 of 3; A very brutal move upwards with wave 3 hitting the 4.618 extension of wave 1 and an ending diagonal for the final wave >
And finally the big wave 4 that formed what appears to be a WXYXZ right to the lower channel trendline >
To further reinforce my belief in this count wave 3 also hit the 3.618 extension and wave 4 almost hit the 0.382 level but I think the bullish trendline prevented that >
Note
Ignore the wave 1 count above, should be this starting wedge which gives the 3.618 extension to 7524 Note
First target reached; wave 4 didn't drop as deep (only .236) but 5th wave is nearing and end in my opinionNote
5th wave in the first wave up*Note
Maybe in the early stages of wave 3, lots of confirmation required though
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.