Short term reading of the Elliott Wave cycle suggests the decline to 39 at 11/21 ended wave ((B)) and oil has turned higher in a double three structure where wave (w) ended at 41.66, wave (x) ended at 40.41, and wave (y) of ((w)) is proposed complete at 43.46. Wave ((x)) pullback is currently in progress to correct 11/21 cycle in 3, 7, or 11 swing, ideally reaching 40.65 – 41.18 (50 – 61.8 retracement). As far as pivot at 39 is intact during wave ((x)) pullback, oil is expected to resume higher again.
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