The short-term Elliott wave view in WTI (CL) shows that we are looking for more upside to complete a 5 waves impulse structure, before a 3 swings pullback at least. The impulse move started from 81.90 low to end wave 1 at 89.72 and pullback in wave 2 ended at 86.75. Oil then resumes higher in wave 3 with internal subdivision as another impulse in lesser degree. Up from wave 2, wave ((i)) ended at 88.20, dips in wave ((ii)) ended at 87.30, wave ((iii)) rallied to 90.99 and a short pullback appeared as wave ((iv)) ended at 90.61. The last push higher to finish wave ((v)) ended at 93.17. This completed wave 3 in higher degree.
Wave 4 pullback ended in a double correction at 90.73 and Oil started the last wave 5 higher to finish an impulse. We are looking an extension in this wave. In lesser degree, wave ((i)) of wave 5 has ended at 92.37 then wave ((ii)) correction completed at 90.88 and Oil has continued to the upside. Expect CL to extend higher and break wave 3 peak to complete wave 5. A possible area to complete this structure comes in 93.76 – 94.69 zone calculated using Fibonacci inverse retracement tool, where Oil could find seller to begin at least a correction or an important new cycle.
