Crude Oil forecast as of 10/28/2008

Crude oil market has currently two equally like scenarios:

A – Market is in the process of “Impulse” (IM) 5th wave in the range of 16.61 – 58.99 by November 11th. Market move above 76.00 makes scenario B more likely.

Impulse is a five wave pattern, where three waves (#1,3,5) are impulsive in nature and two waves (# 2,4) are  corrective in nature.

B – Market is in the process of “Zig-Zag” (ZZ) 2nd wave in the range of 80.40 – 106.30 between November 3rd and January 2nd 2009. Market move below 60 makes scenario A more likely.

Zig-Zag is a three wave pattern, where first and last wave are impulsive in nature and second wave is corrective in nature.