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 ended at 50. Near term focus is now on 47.34 – 47.71 area to complete wave w, then Oil should bounce in wave x before turning lower again. While oil stays below 50 and more importantly as far as wave X pivot at 50.54 stays intact, expect Oil to extend lower towards 43.3 – 44.75 area to end cycle from 6/9 peak. We don’t like selling the proposed push lower.
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