Oil $CL_F Elliott Wave Analysis: Looking for More Upside
Short term Elliott Wave count suggests that pullback to 42.74 at 9/16 ended wave X. The rally from there is unfolding as a double three where wave (w) FLAT ended at 46.52, wave (x) ended at 44.22 and wave (y) is in progress as a flat towards 48.1 – 48.9 area to complete wave ((w)) and end cycle from 9/16 low. Afterwards, expect wave ((x)) pullback in 3, 7, or 11 swing to correct cycle from 9/16 low before the instrument resumes higher again. We don't like selling the proposed pullback.
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