Elliott Wave Analysis: Oil (CL_F) Looking to Extend Higher in Wave 3

 

Oil (CL_F) Short Term Elliott Wave view suggests that the decline to 59.95 on 3/9 ended Minor wave 2. Minor wave 3 is unfolding as a 5 waves impulse Elliott Wave Structure where Minute wave ((i)) of 3 is currently in progress as a leading diagonal. Up from 59.96, Minutte wave (i) ended at 62.33, Minutte wave (ii) ended at 60.11, and Minutte wave (iii) should end soon. Expect a pullback in Minutte wave (iv) to be followed by another leg higher in Minutte wave (v) before Oil completes Minutte wave (v) and ends cycle from 3/9 low (59.96). The five waves higher from 59.96 should form Minute wave ((i)) of a larger degree as a diagonal. Afterwards, Oil should pullback in Minute wave ((ii)) to correct cycle from 3/9 low in 3, 7, or 11 swing before the rally resumes. As far as pivot at 3/9 low (59.96) stays intact during the pullback, expect Oil to extend higher.

Oil (CL_F) 1 Hour Elliott Wave Chart