Oil (CL) ended cycle from 9.28.2023 high as a 5 waves impulse. Down from 9.28.2023 peak, wave 1 ended at 81.5 and rally in wave 2 ended at 90.78. The instrument then extended lower in wave 3 towards 74.91. The 1 hour chart below shows the move down ending wave 3. Then it corrected in wave 4 which ended at 79.77. Oil then resumed lower in wave 5 towards 72.16 and this completed wave (A) in higher degree.
Wave (B) rally is presently in progress as a zigzag Elliott Wave structure ABC. Up from wave (A), wave (i) ended at 73.21 and pullback in wave (ii) ended at 72.75. Oil extended higher in wave (iii) towards 76.63 and dips in wave (iv) ended at 76.20. Final leg wave (v) ended at 78.22 which completed wave ((i)). Pullback in wave ((ii)) is currently in progress to correct rally from 11.17.2023 low before it resumes higher. Down from wave ((i)), wave (a) ended at 76.92. While below wave ((i)) at 78.22, expect Oil to turn lower again in wave (c) of ((ii)) before it resumes higher. Near term, as far as 11.17.2023 pivot at 72.14 holds, expect pullback to find support in 3, 7, or 11 swing for further upside.
