Oil (CL) Short Term Elliott Wave Analysis 8.21.2015

Rally to 49.5 ended wave 4. From this level, the internal of wave 5 of (3) lower is unfolding in 5 waves where wave ((i)) ended at 45.08, wave ((ii)) ended at 46.71, wave ((iii)) ended at 41.35, wave ((iv)) ended at 42.9, and wave ((v)) is in progress to complete wave (3) before a larger bounce in wave (4).

Near term, wave (a) has ended at 40.21, wave (b) ended at 41.47, and pair has resumed lower towards 37.52 – 38.57 to complete wave (3). Cycle is currently pretty stretched and we can already count 5 waves lower from wave 4 high at 49.5 , but as far as wave ((iv)) pivot at 42.9 is intact, expect oil to resume lower one more swing to complete wave (3) towards 37.52 – 38.57 before a larger pullback in wave (4) is seen.

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