Crude Oil Elliott Wave View: Mature Cycle

Short term Elliott Wave view in Crude Oil (CL_F) suggests that the cycle from 3/22 low (47.01) is unfolding as a double three Elliott wave structure where Minute wave (w) ended at 50.85 and Minute wave (x) ended at 49.88.

Minute wave (y) is in progress and the internal is unfolding also as a double three Elliott wave structure where Minute wave (w) ended at 52.94 and the Minute wave (x) pullback ended at 51.49.

The cycle from the 3/22 low is mature but near term, while pullbacks stay above 51.49, Crude has scope to extend higher to the 53.71 – 54.61 area to complete Minor wave 1 and end cycle from the 3/22 low, then Crude Oil should pull back in Minor wave 2 to correct the cycle from the 3/22 low before the rally resumes. We don’t like selling the pullback and expect buyers to appear once the Minor wave 2 pullback is complete in 3, 7, or 11 swing for an extension higher.

CL_F 1 Hour Elliott Wave Chart 04/12/2017