Short term Elliott Wave view in Crude Oil (CL_F) suggests that cycle from 3/22 low (47.01) is unfolding as a double three Elliott wave structure where Minute wave ((w)) ended at 50.85 and Minute wave ((x)) ended at 49.88. Minute wave ((y)) is in progress and the internal is unfolding also as a double three Elliott wave structure where Minutte wave (w) ended at 52.94 and Minutte wave (x) pullback ended at 51.49. Near term, while pullbacks stay above 51.51, focus is on 53.71 – 54.61 area to complete Minor wave 1 and end cycle from 3/22 low, then Crude Oil should pullback in Minor wave 2 to correct cycle from 3/22 low before the rally resumes. We don’t like selling CL_F and expect buyers to appear once Minor wave 2 pullback is complete in 3, 7, or 11 swing for an extension higher.
FWP Network > Forexhound.com > Analysis > Commodities Analysis > Energy > CL_F Elliott Wave View: Ending a cycle
CL_F Elliott Wave View: Ending a cycle
By Elliottwave-Forecast.com ()
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April 11, 2017
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Comments Off on CL_F Elliott Wave View: Ending a cycle
Energy · CL_F, Crude oil, Elliott Wave Theory, ElliottWave, wti
Energy · CL_F, Crude oil, Elliott Wave Theory, ElliottWave, wti

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