Oil Price Prediction With The Elliott Wave Theory - #2

The current price pattern aligns well with the prediction of 10-22-04. The price appears to have completed an A-B-C down to $40/bbl and is rebounding into the next 1-2-3-4-5 wave count. The next leg is predicted to be well beyond the $56 peak.

The prior prediction:

http://randomroving.blogspot.com/2004/10/oil-price-prediction-with-elliott-wave.html