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This third wave has blitzed all targets so far, and the structure is incomplete.

Summary: The next possible point for this to end is about 44.43. A new high above 57.14 would provide price confirmation that the downwards fall is over for the mid term.

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US Oil Elliott Wave Chart Weekly 2014

Intermediate wave (4) to come may not move back into intermediate wave (1) price territory above 91.76.

Intermediate wave (3) is not finished, but it is getting very close.

US Oil Elliott Wave Chart Daily 2014

Within intermediate wave (3) a recent triangle for minor wave 4 indicates that the final fifth wave may be unfolding.

At 44.43 minor wave 5 would reach 0.236 the length of minor wave 3. Because minor waves 1 and 3 do not exhibit a Fibonacci ratio to each other I would expect minor wave 5 to exhibit a ratio, the only question is which one of several it will be. This is what is making target calculation so difficult.

Only a new high above 57.14 would indicate that intermediate wave (3) is over. This point is the start of minor wave 5. A new high beyond its start may not be a second wave correction within minor wave 5, and so at that point minor wave 5 would have to be over.

The channel drawn here is a best fit, and now may not be useful to show when downwards movement is over. The price point provided should be more useful.