Short Term Elliott Wave View in Oil (CL) suggests the rally from 6.12.2023 low is in progress as a 5 waves impulse structure. Up from 6.12.2023 low, wave 1 ended at 84.89 and pullback in wave 2 ended at 77.59. Oil then extends higher again in wave 3. Internal subdivision of wave 3 unfolded as another 5 waves impulse in lesser degree. Up from wave 2, wave ((i)) ended at 80.45 and pullback in wave ((ii)) ended at 78.14. Oil extended higher in wave ((iii)) towards 88.07 and dips in wave ((iv)) ended at 86.71. Expect wave ((v)) to complete soon and this should end wave 3 in higher degree.
Oil should then pullback in wave 4 to correct the rally from 8.24.2023 low before it resumes higher again. Internal subdivision of wave 4 should unfold in 3 waves such as zigzag structure ((a))-((b))-((c)). Potential target is 23.6 – 38.2% Fibonacci retracement of wave 3. The area can be measured once wave 3 has ended. Near term, as far as pivot at 77.67 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
