Crude Oil: Correction Still In Progress

By: Elliottwave-Forecast | Wed, Feb 1, 2017
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Rally to 55.24 completed Intermediate wave (W) and ended the cycle from 8/3/2016 low. From 55.24 high, oil turned lower to correct the cycle from 8/3 low as a double three structure where Minor wave W ended at 50.71 and Minor wave X ended at 54.08. Decline from 54.08 high is unfolding as a double three where Minuette wave (w) ended at 52.58 and Minuette wave (x) ended at 53.56 as a FLAT. While Oil stays below 1/27 peak (54.08), it has scope to resume lower towards 51.69 - 52.04 area to complete Minute wave ((w)) and end cycle from 1/27 peak. Afterwards, expect Oil to either resume the rally to new high above 55.24 or at least bounce in Minute wave ((x)) in 3, 7, or 11 swing to correct cycle from 1/27 peak before turning lower again one more leg. We don’t like selling the proposed pullback and expect buyers to appear at 51.69 - 52.04 area for at least a 3 waves bounce.

Oil 1 Hour Chart

Oil 1-Hour Elliott Wave Analysis Chart
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Author: Elliottwave-Forecast

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