Oil $CL_F Short-term Elliott Wave Analysis 9.30.2016

Short term Elliott wave count suggests that pullback to 42.55 at 9/20 ended wave X. The rally from there is unfolding as a zigzag where wave (a) ended at 46.52, wave (b) ended at 44.2, and wave (c) of ((w)) is proposed complete at 48.32. While bounces stay below there, expect the instrument to pullback in 3, 7, or 11 swing to correct cycle from 9/20 low before the rally resumes again, provided that pivot at 9/20 (42.55) low remains intact. We don’t like selling the proposed pullback.

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