Oil ($CL_F) Short Term Elliott Wave is Looking for More Pullback
Short term Elliott Wave structure suggests cycle from 6/9 peak remains alive as a double three where wave W ended at 45.83 and bounce to 50.54 ended wave X. Wave Y lower is in progress with the internal as a double three where wave ((w)) ended at 45.83 and wave ((x)) bounce ended at 50. Near term focus is now on 47.34 - 47.71 area to complete wave w, then Oil should bounce in wave x before turning lower again. While oil stays below 50 and more importantly as far as wave X pivot at 50.54 stays intact, expect Oil to extend lower towards 43.3 - 44.75 area to end cycle from 6/9 peak. We don't like selling the proposed push lower.
At EWF we offer 24 hour coverage of 50 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer.