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Elliott Wave chart analysis for WTI Crude for 17th May, 2011. Please click on the charts below to enlarge.

WTI Crude daily 2011

As expected from last analysis oil has moved a little lower.

It is extremely likely that wave C blue will at least reach below the end of wave A blue at 94.65. At 84.44 wave C blue will reach equality with wave A blue. Downwards movement may end there and a final fifth wave upwards may begin.

Wave 4 blue may not move into wave 1 blue price territory. This wave count is invalidated with movement below 82.970.

WTI Crude hourly 2011

Wave 3 pink within wave C blue has begun more slowly than we would expect it to. Initially this structure looks like a triangle in the early stages, but the slightly lower low of wave 1 purple below the end of wave 1 pink would invalidate a contracting triangle. We would not expect to see a triangle in a second wave position anyway.

Ratios within wave 1 purple within wave 3 orange are: wave 3 aqua is just 0.3 longer than 1.618 the length of wave 1 aqua and wave 5 aqua is just 0.05 short of equality with wave 3 aqua. These excellent ratios indicate this labeling is likely to be correct. There is no alternation in structure between waves 2 and 4 aqua, both are expanded flat corrections, but they do alternate in depth of correction with wave 2 aqua very deep and wave 4 aqua shallow.

Wave 2 purple may not move beyond the start of wave 1 purple. This wave count is invalidated with movement above 99.74.