Oil Elliott Wave Analysis: Suggesting More Upside

Hello Traders,

Oil Near-term cycle from 09/07 low (66.83) ended at the peak of 10/03 (76.93) in red wave 3. The internals of that move unfolded as an Elliott Wave ZigZag structure (5-3-5).

From 09/07 low it ended black wave ((a)) at 09/24 peak (72.72) as a 5 wave move. Below from there, it ended black wave ((b)) pullback at 09/27 low (71.72) as triangle structure. Above, from there it ended black wave ((c)) of red wave 3 at 10/03 peak (76.93) also as a 5 wave move. Below from there, oil is in the progress of correcting the cycle from 09/07 in the sequences of 3-7 o 11 swings before the rally resumes.

The focus remains towards 72.17-70.28, which is 100%-161.8% Fibonacci extension area of black wave ((w))-((x)) to end the short-term correction.

The commodity should find buyers from there looking for another extension higher or for minimum 3 waves reaction higher. We don't like selling it as the right side is to the upside as long as the pivot at 66.83 stays intact.