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Cl_f

Elliott Wave View Calling for More Downside in OilElliott Wave view on Oil (CL_F) suggests a 5 waves decline from April 22 peak ($66.6) which ended wave (1) at $60.04. In the chart below, we can see wave (2) bounce ended at $63.32 at the blue box. The internal of wave (2) unfolded as a double three Elliott Wave structure. Up from $60.04, wave W ended at $62.95, wave X ended at $60.66, and wave Y ended at $63.32. Oil has since turned lower in wave (3). However, it needs to break below wave (1) at $63.32 to confirm the next leg lower and avoid a double correction. The initial decline from $63.32 appears impulsive and ended wave 1 at $60.64. Wave 2 bounce is in progress to correct the cycle from $63.32 peak before the decline resumes. Potential target for wave 2 is 50% – 61.8% Fibonacci retracement of wave 1 at $62 – $62.3. We don’t like buying Oil and expect sellers to appear in 3, 7, or 11 swing as far as pivot at $63.32 stays intact. A break below wave (1) at $63.32 will confirm the next leg lower in CL_F. A 100% extension target from April 22 peak can see Oil reaching $55.3 – $56.8 at least.
NYMEX:CL1!
by Elliottwave-Forecast
Oil 1 Hour Elliott Wave Analysis: Suggesting More DownsideHello Traders, In this Elliott Wave Analysis, we will have a look at Oil in the 1 hour chart. The commodity ended its cycle from 8/1/2016 low (39.19) at the peak of 07/03 in red wave III and currently, it is correcting that cycle in 3-7 or 11 swings in red wave IV lower before the rally can resume. Near-term it ended blue wave (W) at 07/12 low (69.23). The internals of blue wave (W) unfolded as an Elliott Wave flat structure where it ended red wave A at the low of 07/06 (72.15), red wave B pullback at 07/10 (74.71) and red wave C of blue wave (W) completed at 07/12 low (69.23). Above from there, blue wave (X) correction ended at 07/13 peak (71.66). Below from there it is at the 61.80-76.40 Retracement area from 07/03 peak which can end soon the cycle from 07/13 peak (71.66) in red wave A and as long as pullback in red wave B stays below 71.66 peak, we expect Oil to resume lower towards the equal legs of 65.62-64.19 from 07/03 peak before a reaction higher can be seen. We don’t like selling Oil.
NYMEX:CL1!Short
by Elliottwave-Forecast
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