Short term Elliott Wave chart in Oil (CL) suggests that the rally from 3.24.2021 low is unfolding as an impulse Elliott Wave structure. Up from March 24 low, wave 1 ended at 66.67 and wave 2 ended at 61.56. Internal subdivision of wave 2 unfolded as an expanded Flat structure. The 45 minutes chart below shows a partial view of the expanded flat. Wave ((b)) of the Expanded Flat ended at 67.02 and wave ((c)) ended at 61.56. This completed wave 2 in larger degree.
The commodity has resumed higher in wave 3. It has broken above the previous peak at 67.02 suggesting that the next leg higher has started. Up from wave 2 low, wave (i) ended at 64.07 and pullback in wave (ii) ended at 63.46. CL has resumed higher again in wave (iii) towards 66.34, dips in wave (iv) ended at 65.41 and final leg higher wave (v) ended at 66.51. This completed wave ((i)) in higher degree.
Pullback in wave ((ii)) ended at 65.25. Up from there, CL has resumed higher in wave ((iii)). Near term, as far as pivot at 65.23 low remains intact, we like the upside and dips should find support in 3, 7, or 11 swing.
