CL_F (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 is in progress towards $51.38 - $51.72 area before CL_F resumes the rally higher towards $57.97 - $61.73. We don't like selling the proposed pullback and expect buyers to appear at $51.38 - $51.72 for an extension higher, provided that pivot at 12/15 low ($49.97) stays intact. A break above wave Y at $54.51 would add more conviction on this view.
At Elliottwave-Forecast, we offer 24 hour coverage of 52 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 Trial to sample everything we have to offer.
