Crude Oil forecast as of 04/14/2009

QMJ9 – Elliott shows that market is in the process of “Zig-Zag” (ZZ) 3rd wave below 23.64 between May 22nd and October 20th.
Market move above 55.00 signals that ZZ 2nd wave is still not complete.

Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.