I came across the article Crude Oil: "Bear Market" Continues? and the author made a good illustration on how the Elliot Wave theory applies to the oil market we are currently seeing.
If you notice, I used the Fibonacci 1.272 line (high of $62.55 and low of $46.66, which is the end of wave 3) to determine the end of wave 5. As you notice the 1.272 line aligns with the support from back in March.
If you notice, I used the Fibonacci 1.272 line (high of $62.55 and low of $46.66, which is the end of wave 3) to determine the end of wave 5. As you notice the 1.272 line aligns with the support from back in March.