Crude Oil Technical Overview

As we discussed in previous  Article Crude oil technical overview posted on 25th October 2015, in which i have explained about  probable Elliot's wave numbering and also discussed about formation of a Head and shoulder pattern which gives a very bearish implications.

See the Crude price after breaking the neck line of the same H&S pattern.

 Now the big question is..UP TO WHICH PRICE CRUDE CAN PLUNGE DEEP DOWN?? 

As we have discussed in previous crude article that the price is probably in the Fifth wave of big Elliot's wave down cycle so the end is nearer..

Now lets take a look on 5th wave and lets apply Elliot's  wave numbering forcefully 

Now lets zoom into the wave 5th of 5th and see the probable wave count. 

And now lets try to identify the exact pin point reversal zone as we can see in above picture that the end is nearer..

WAIT AND WATCH  THIS LEVELS..