Crude Oil: Extension Higher Expected

By: Elliottwave-Forecast | Fri, Feb 3, 2017
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Revised view suggests that Crude Oil rally from 1/10 low (50.71) is unfolding as a diagonal where Minor wave 1 ended at 54.08 and Minor wave 2 is proposed complete at 52.22. Crude Oil has broken above 54.08, and thus showing a 5 swing sequence from 1/10 low and favoring more upside. Near term, while pullbacks stay above Minuette wave (x) at 53.35, but more importantly above Minor wave 2 at 52.22, expect Oil to resume higher towards 55.41 - 55.91 area next. If Crude oil breaks below 53.35, that will suggest that it is doing a double correction in Minuette wave (x) and open extension lower towards 52.74 - 52.97 area, but from there, it’s still expected to extend higher afterwards as far as pivot at 52.22 low in Minor wave 2 remains intact. We don’t like selling Crude Oil.

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