OIL LONG--BCEI to 1.15?

30 Eyl 2016

I've been wrong on BCEI before, but with oil futures moving up, temporarily at least, now could be the time to buy @ less than $1. If you know your Elliot Wave, and I'm sure you already do, you know that wave 4 shouldn't go lower than Wave 1 Top--this BCEI pattern breaks that rule, but there could be any amount of reasons why. So at worst, it could be in a downtrend with a wave 4 not to exceed 1.01-1.02. At best, it could swing up for a truncated fifth to 1.05 ( the 1.618 retracement of wave 1) or higher for a complete fifth around 1.15 (the 2.618 . Based on this week, I might be betting on the latter.