CL_F (Oil) is showing an incomplete 5 swing sequence from 2/8 low ($26.02), favoring for more upside. The latest rally up from 11/14 low ($42.2) is proposed to be unfolding as a triple three where wave W ended at $49.2, wave X ended at $44.82, wave Y ended at $54.51, and second wave X ended at $49.97. The internal structure of wave Z is unfolding as a double three structure where wave (w) of Z ended at $53.79 and wave (x) of Z has ended at $52.08. Near term, the rally from wave (x) low ended at $54.37 as 5 waves, and CL_F is expected to do a wave b pullback to correct the rally from $52.08 low in 3, 7, or 11 swing before the rally resumes towards $55.93 – $56.83. We don’t like selling the proposed pullback and expect buyers to appear again once wave b pullback is complete in 3, 7, or 11 swing as far as pivot at $52.07 remains intact in the first degree. If pivot at $52.07 fails, then CL_F has ended cycle from $49.95 low and will do a larger correction and still expected to turn higher while second degree pivot at $49.95 stays intact.
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.
Back
