Oil Extending Lower In Wave 5

Pump Jack, Oilfield, Oil, Fuel, Industry, Petroleum

Image Source: Pixabay
 

Short-term Elliott Wave View in Oil (CL) suggests that the cycle from the 6.13.2022 high is in progress as a 5 waves impulse. Down from the 6.13.2022 high, wave (1) ended at 76.25, and the rally in wave (2) ended at 93.74. The oil then resumes lower in wave (3) towards 73.6. Wave (4) corrective rally is in the form of a zigzag Elliott Wave structure. Up from wave (3) low on 11.28.2022, wave A ended at 79.65, and a pullback in wave B ended at 77.08. The final leg higher wave C ended at 83.34 which also completed wave (4). Wave C of (4) ended at the 100% – 161.8% extension of wave A at 83.34 – 86.86.

Oil has resumed lower in wave (5). The internal subdivision of wave (5) is in the form of an impulse. Down from wave (4), wave ((i)) ended at 80.38, and rally in wave ((ii)) ended at 82.72. The commodity then resumed lower in wave ((iii)) towards 76.77 and wave ((iv)) ended at 77.88. Expect wave ((v)) to end soon which should complete wave 1 at a higher degree. Afterward, it should rally in wave 2 to correct the cycle from the 12.1.2022 high before the decline resumes. Near term, as far as the pivot at 83.34 high stays intact, expect the rally to fail in 3, 7, or 11 swing for further downside.

Oil 60 Minutes Elliott Wave Chart

(Click on image to enlarge)


More By This Author:

SPX Is Looking To Finish A Cycle Towards A Blue Box
Infineon Technologies Provides An Opportunity In A Pullback
Nike Inc. Perfect Reaction Lower from Blue Box Area.

Disclaimer: Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments