Crude Oil Looking To Complete Impulse Elliott Wave Sequence
CL_F (Crude Oil) favors higher in 5 wave Impulse Elliott Wave sequence as wave 1 before pullback starts. It placed (B) at $64.12 low on 3/20/2023. Above (B) low, it placed ((i)) at $71.67 high & ((ii)) at $66.82 low. ((ii)) was 0.618 Fibonacci retracement of ((i)). It favored ended ((iii)) at $81.81 high on 4/04/2023 high as extended ((iii)). Within ((iii)), it placed (i) at $74.37 high, (ii) at $72.61 low, (iii) at $81.69 high, (iv) at $79.00 low & (v) ended at $81.81 high as ((iii)) as 2.0 Fibonacci extension of ((i)). It ended ((iv)) at $79.37 low as double as shallow correction on 4/11/2023. Above ((iv)) low, it favors higher in ((v)) of 1.
Above ((iv)) low of $79.37, it ended (i) of ((v)) at $81.85 high & (ii) at $81.28 low. It ended (iii) at $83.53 high & favors pullback in (iv) before upside resumes in (v) to finish ((v)) as wave 1. Impulse sequence expects to finish with momentum divergence in fifth wave against third wave before correction starts. So, if it erases the momentum divergence with more upside, then it can be the part of nest within impulse sequence before pullback starts. Once it finished wave 1 as impulse sequence, it expects to pullback in 3, 7 or 11 swings against 3/20/2023 low before turning higher. It expects to remain supported at extreme areas in pullback.
Above ((iv)) low of $79.37, it ended (i) of ((v)) at $81.85 high & (ii) at $81.28 low. It ended (iii) at $83.53 high & favors pullback in (iv) before upside resumes in (v) to finish ((v)) as wave 1. Impulse sequence expects to finish with momentum divergence in fifth wave against third wave before correction starts. So, if it erases the momentum divergence with more upside, then it can be the part of nest within impulse sequence before pullback starts. Once it finished wave 1 as impulse sequence, it expects to pullback in 3, 7 or 11 swings against 3/20/2023 low before turning higher. It expects to remain supported at extreme areas in pullback.
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