Light Crude Oil (CL) Shows 5 Swing Sequence Favoring More Upside

18 thg 10, 2023

Short Term Elliott Wave in Light Crude Oil (CL) suggests the decline from 9.28.2023 high ended wave (W) at 81.53. Internal subdivision of (W) unfolded in a double three Elliott Wave structure. Down from 9.28.2023 high, wave ((a)) ended at 90.35 and wave ((b)) ended at 91.88. Wave ((c)) lower ended at 87.76 which completed wave W. Rally in wave X ended at 90.27. Oil then resumed lower in wave Y with internal subdivision as a zigzag. Down from wave X, wave ((a)) ended at 84.16 and wave ((b)) ended at 84.92. Final leg wave ((c)) ended at 81.50 which completed wave Y of (W).

Wave (Y) rally is now in progress as a zigzag Elliott Wave structure. Up from wave (W), wave ((i)) ended at 87.24 and wave ((ii)) dips ended at 82.31. Internal subdivision of wave ((ii)) unfolded in zigzag structure. Down from wave ((i)), wave (a) ended at 82.78 and wave (b) ended at 85.2. Wave (c) lower ended at 82.31 which completed wave ((ii)) in higher degree. The instrument then extended higher in wave ((iii)) towards 88.33 and pullback in wave ((iv)) ended at 85.60. Expect wave ((v)) to end soon which should complete wave A. Afterwards, Oil should pullback in wave B to correct cycle from 10.6.2023 low before it resumes higher. Near term, as far as pivot at 81.53 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.