Oil (CL) Short Term Elliott Wave Analysis 8.24.2015

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)) is in progress as a triple three towards 36.22 – 37.49, then it should bounce in wave ((iv)) before another leg lower to complete wave (3) and a larger bounce in wave (4) takes place. Cycle is currently pretty stretched , but as far as wave ((ii)) pivot at 46.64 is intact, expect oil to resume lower to complete wave (3).

CL 1H20150824220926

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