Crude OIL
Crude Oil fell down to our $35 target and nearly 50 cents lower before the market bounced higher two days back. We see a nice spike at the low that suggests bottom is in place. In fact, a divergence and five sub waves within a red wave v) also suggests that the market should recover in minimum three waves. Ideally, the price is now in wave (iv) that can be headed back to around $40.40, where the former swing low can turn into a resistance. So for now, we are turning bullish for an a)-b)-c) bounce.
Read the rest of the article Elliott Wave Analysis on Crude OIL and German DAX