Oil underwent a complex correction LIGHT CRUDE OIL FUTURES NYMEX:CLM2016 zhipengcfel US Oil underwent a complex correction. The correction wave is quite clear now. We can now see the beauty of elliott wave analysis. The first correction is a regular flat for CLM2016 (Oil contract at May). It is an expanded correction for oil continuous contract see below ( usoil0.00%% or CL1!0.00%% ). The second correction is a zigzag 535 ABC. Currently oil gets supported in the second correction channel. Break of the channel will confirm the bearish . After breaking it will go to the bottom line of the large correction channel. Good luck for everyone!