Short Term CL_F Elliott Wave forecast suggests that the rally from 11/14 low is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82, and wave ((y)) of W is proposed complete at $52.43. Down from there, wave ((w)) ended at $49.61, and current wave ((x)) bounce is expected to complete at $50.9 - $51.64 area before turning lower 1 more leg. While bounces fail below $52.44, expect CL_F to do another leg lower in wave ((y)) of X towards the 100% - 123.6% area of ((w))-((x)).
We like neither buying nor selling Oil at this stage, but expect buyers to appear later after the next leg wave ((y)) of X pullback is complete as far as pivot at 11/14 low ($42.21) remains intact. To get an estimated area where wave X pullback may complete, if we assume wave ((x)) bounce has completed at $51.1, then 100 - 123.6% of ((w)) - ((x)) comes at $47.61 - $48.28 area as a possible target area where wave X pullback can complete.
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