Rally to 55.24 completed Intermediate wave (W) and ended the cycle from 8/3/2016 low. From 55.24 high, oil turned lower to correct the cycle from 8/3 low as a double three structure where Minor wave W ended at 50.71 and Minor wave X ended at 54.08. Decline from 54.08 high is showing a 5 swing structure suggesting that short term, while oil remains below 53.46, another leg lower is expected towards 51.02 – 51.95 area to complete Minute wave ((w)) and end cycle from 1/27 peak (54.08). Afterwards, expect Oil to either resume the rally to new high above 55.24 or at least bounce in Minute wave ((x)) in 3, 7, or 11 swing to correct cycle from 1/27 peak before turning lower again one more leg. We don’t like selling the proposed pullback and expect buyers to appear at 51.02 – 51.95 area for at least a 3 waves bounce.
Oil 1 Hour Chart
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