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, cycle from 4/28 low is expected to complete soon with wave ((w)) at 46.48 – 47.13 area, then it should pullback in wave ((x)) to correct cycle from 4/28 low before oil resumes higher again. We don’t like selling the proposed pullback and expect oil to to find buyers after wave ((x)) correction is complete in 3, 7, or 11 swing as far as 42.5 pivot stays intact.
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