Short Term CL_F Elliott wave forecast suggests that the rally from 11/14 (42.21) low is unfolding as a triple three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82, wave ((y)) ended at $52.43 and 2nd wave ((x)) ended at $49.64. CL_F has gapped up at the opening on Monday Dec 12 and short term while staying above $49.64 can look for $56.6 – $58.25 area to complete wave W and end cycle from 11/14 low ($42.21). Afterwards, CL_F may pullback in wave X in 3, 7, or 11 swing to correct cycle from 11/14 low before the rally resumes again. We do not like selling any proposed pullback in Oil and expect buyers to appear when wave X pullback is complete as far as pivot at 11/14 low ($42.21) remains intact.
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