$CL_F (Oil) 1 Hour Elliott Wave Analysis 7.8.2014

Preferred Elliottwave view is that CL_F (Oil) is correcting 4 hour cycle from 97.37 (3.17.2014) low and can reach  101.21 – 102.48 before rally resumes. Shorter cycles suggest suggest recovery seen today was a B wave and as price holds below 104.21 high, price is expected to trade lower toward 101.21 -102.48 area to end a cycle from 107.68 high and then we should see buyers appearing in the market. If 104.21 high gives up, that would suggest CL_F (Oil) can trade as high as 105.35 – 105.89 to complete wave ( B ) before it turns lower in wave ( C ).

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