Crude Oil Elliottwave Forecast: Minor Correction Then Higher Again
Elliott Wave Forecast | Dec 28, 2016 11:06PM ET
Crude Oil is showing an incomplete 5 swing sequence from 2/8 low ($26.02), favoring for more upside. The latest rally up from 11/14 low ($42.2) is proposed to be unfolding as a triple three where wave W ended at $49.2, wave X ended at $44.82, wave Y ended at $54.51, and second wave X ended at $49.97. The internal structure of wave Z is unfolding as a double three structure where wave (w) of Z ended at $53.79 and wave (x) of Z has ended at $52.08. Near term, the rally from wave (x) low ended at $54.37 as 5 waves, and CL_F is expected to do a wave b pullback to correct the rally from $52.08 low in 3, 7, or 11 swing before the rally resumes towards $55.93 – $56.83. We don’t like selling the proposed pullback and expect buyers to appear again once wave b pullback is complete in 3, 7, or 11 swing as far as pivot at $52.07 remains intact in the first degree. If pivot at $52.07 fails, then CL_F has ended cycle from $49.95 low and will do a larger correction and still expected to turn higher while second degree pivot at $49.95 stays intact.
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