Short term reading of the Elliott Wave cycle suggests the decline to 39 at 11/21 ended wave ((B)) and oil has turned higher in a double three structure where wave (w) ended at 41.66, wave (x) ended at 40.41, and wave (y) of ((w)) is in progress towards 43.15 – 43.8 to end the cycle from 11/21 low. Once wave ((w)) is complete, oil should pullback in wave ((x)) to correct 11/21 cycle in 3, 7, or 11 swing, then as far as 39 pivot is intact during the pullback, it should resume higher again.
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