Short term Elliottwave structure suggests that rally from 35.23 on 4/5 remains alive as a triple three where wave W ended at 42.42 on 4/13, wave X ended at 37.61 on 4/18, wave Y ended at 44.49 on 4/21, and 2nd wave X pullback is proposed complete at 42.51 on 4/28. Near term, while dips stay above 42.51, oil is favored to resume higher in wave (y) of ((w)) towards 46.49 – 47.14 area, then it should pullback in wave ((x)) to correct the rally from 4/28 low before higher again. We don’t like selling the proposed pullback and expect oil to resume higher towards 46.49 as far as 42.51 pivot stays intact.
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