CL_F (Oil) Elliott Wave Analysis: Minor Pullback Before Higher
CL_F (Oil) is showing an incomplete 5 swing sequence from 2/8 low ($26.02), favoring for more upside. The latest rally up from 11/14 low ($42.2) is proposed to be unfolding as a triple three where wave W ended at $49.2, wave X ended at $44.82, wave Y ended at $54.51, and second wave X ended at $49.97. The internal structure of wave Z is unfolding as a double three structure where wave (w) of Z ended at $53.79 and wave (x) of Z has ended at 52.08. Near term, expect a pullback to correct the rally from 52.08 low in 3, 7, or 11 swing before CL_F resumes the rally again towards $57.97 - $61.73. We don't like selling the proposed pullback and expect buyers to appear again once wave x pullback is complete in 3, 7, or 11 swing as far as pivot at 49.97 remains intact.
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