Looking back to Y2K , I have a scenario with US Oil completing a Primary cycle in Jan 2016.
From this low of around US 25 , Oil has completed an Intermediate Wave 1 and is presently in a protracted ( complex sideways corrective combination) Intermediate Wave 2.
If we take the Wave 2 at reaching an extreme of say .618 of Wave 1, then I have US Oil at US 35.77 ( which is the weekly Pivot S3).
From this point, a future impulsive intermediate Wave 3 could take Oil to the 1.618 extension near US 80. :)
From this low of around US 25 , Oil has completed an Intermediate Wave 1 and is presently in a protracted ( complex sideways corrective combination) Intermediate Wave 2.
If we take the Wave 2 at reaching an extreme of say .618 of Wave 1, then I have US Oil at US 35.77 ( which is the weekly Pivot S3).
From this point, a future impulsive intermediate Wave 3 could take Oil to the 1.618 extension near US 80. :)