Elliott Wave View in Oil Futures (CL) shows that it has ended wave ((4)) pullback at $36.89. This wave ((4)) is part of the cycle starts from April 22 low as a 5 waves impulse. Oil has turned higher in wave ((5)) and should subdivide in 5 waves impulse in lesser degree. Up from wave ((4)) low at $36.89, wave 1 ended at $38.08 and pullback in wave 2 ended at $37.10. Oil resumes higher again in wave 3 towards $41.11, wave 4 ended at $39.57, and wave 5 ended at $41.74.
This 5 waves higher ended wave (1) in higher degree. Pullback in wave (2) is currently in progress as an expanded Flat. Down from wave (1) at $41.74, wave A ended at $39.36, wave B ended at $41.90, and wave C of (2) is expected to end soon before Oil turns higher again. As far as wave ((4)) pivot low at $36.89 low stays intact, expect Oil to extend higher again once wave (2) Flat correction is complete.
Oil (CL) 1 Hour Elliott Wave Chart
