Short Term CL_F Elliott wave forecast suggests that the rally from 11/14 low is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82. and wave ((y)) of W is proposed complete at $52.43. Down from there, wave (w) ended at $50.28, and wave (x) bounce ended at $51.2. While bounces stay below $51.2, and more importantly below $52.43, CL_F is expected to continue lower towards $48.49 – $49 area to complete wave ((w)). Afterwards, oil should bounce in wave ((x)) in 3, 7, or 11 swing to correct the decline from $52.43 peak before turning lower 1 more leg in wave ((y)) of X.
We like neither buying nor selling Oil at this stage, but expect buyers to appear later after the next leg wave ((y)) of X pullback is complete as far as pivot at 11/14 low ($42.21) remains intact. To get an estimated area where wave X pullback may complete, we can use 50 – 61.8% fibonacci retracement of the rally from 11/14 low, which comes at $46.11 – $47.31.
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