Crude Oil forecast as of 11/18/2008

QMZ8 –Elliot shows that market is in the process of IM 5^th wave in the range of 10.11 – 53.71 between November 11^th and December 12^th.

Market has touched the likely price and time level, so the move down can be over any time. At the same time, market has plenty room to go. Market must move above 70.00 to confirm that the down move is over for now.

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.