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Oil Short-Term Elliott Wave Analysis

Short term Elliott Wave structure suggests that rally from 35.23 on 4/5 remains alive as a triple three where wave W ended at 42.42 on 4/13, wave X ended at 37.61 on 4/18, wave Y ended at 44.49 on 4/21, and 2nd wave X pullback is proposed complete at 42.51 on 4/28. Near term, while dips stay above 42.51, oil is favored to resume higher in wave (y) of ((w)) towards 46.49 - 47.14 area, then it should pullback in wave ((x)) to correct the rally from 4/28 low before higher again. We don't like selling the proposed pullback and expect oil to resume higher towards 46.49 as far as 42.51 pivot stays intact.

Oil Elliott Wave Analysis Chart
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