Crude Oil forecast as of 05/05/2009

QMM9 – As the market has been drifting upwards, Elliott is now showing that “Zig-Zag” (ZZ) 2nd wave is not done. This wave is way byond it’s likely timeframe of April 9th but price wise has lots of room to go to the range of 56.47 – 91.74.

Short term, the market is in the process of FL 2nd wave down that has yet to finish it’s 2nd wave up. Little confusing, I know, but if you follow the colors, it becomes clear.

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