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CL_F Elliott Wave Forecast: More Upside Seen

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.

Crude Oil Short-Term Elliott Wave Analysis Chart
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