Short Term Oil 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 while wave (x) bounce stays below $52.43 peak, oil is expected to turn lower within wave X pullback to correct the cycle from 11/14 low ($42.21) in 3, 7, or 11 swing before the rally resumes. If Oil breaks above $52.43, then it can do a triple three (WXYZ structure) from 11/14 low and open extension higher. We don’t like selling the proposed wave X pullback and expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing as far as pivot at 11/14 low ($42.21) remains intact. 50 – 61.8% fibonacci retracement area of the rally from 11/14 low, which comes at $46.11 – $47.31, can be an approximate area where wave X pullback can complete.
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