$CL ! Crude Oil bounces to fail for more downside

Oil completed ((B)) @ 94.88. As per preferred Elliott Wave view, we have seen a 3 wave decline to 88.18 which completed wave W. Oil is now bouncing to correct the drop from 94.88 high. This bounce could test 50- 61.8 fib (91.54 – 92.34) area before decline resumes again. We don’t like buying Crude Oil in proposed push higher and expected to see sellers appearing after 3, 7 or 11 swings provided pivot at 94.88 high remains intact. If pivot at 94.88 high gives up, that would negate the extension lower.

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