Short term Elliottwave structure suggests cycle from 6/9 peak remains alive as a double three where wave W ended at 45.83 and bounce to 50.54 ended wave X. Wave Y lower is in progress with the internal as a double three where wave ((w)) ended at 45.83 and wave ((x)) bounce remains in progress as a double three towards 48.75 – 49.2 area before Oil turns lower. As far as bounces stay below 50.54, expect Oil to extend lower towards 43.3 – 44.75 area to end cycle from 6/9 peak.
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