$CL_F (Oil) 1 Hour Elliott Wave Analysis

Preferred view suggests wave B completed 99.40 and rally from this level is  taking the form of impulse. Wave (( i )) was a leading diagonal which ended at 101.13, wave ((ii)) completed with a dip to 100.57 and wave (( iii )) was 1.618 ext of (( i )) which ended at 103.34. We have seen a retracement between 23.6 – 38.2 fib of wave (( iii )) and price is now expected to trade higher in wave (( v )). 

Likely targets for wave (( v )) are 104.01 (inverse 1.618 FE), (( v)) = (( i )) = 104.17 and in case of further extension we can see a test of 104.57 before a cycle completes and Oil turns lower. RSI divergence must remain intact with respect to wave (( iii )) highs during the next push higher.

CL-6020140219123740

 

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