Elliott Wave view in Sweet Crude Oil Futures (CL_F) suggests that the decline from April 23, 2019 high (66.6) is unfolding as a 5 waves impulse Elliott Wave structure. Down from April 23, 2019 high, wave (1) ended at 50.6 and wave (2) bounce ended at 65.65. Oil has resumed lower in wave (3) towards 27.34 and bounce in wave (4) ended at 36.35.
Wave (5) lower now remains in progress as an ending diagonal. Ending diagonal is 5 waves with subdivision of 3-3-3-3-3 and it has a wedge structure. Down from wave (4) at 36.35, wave 1 ended at 30.02 and wave 2 rally ended at 33.48. Oil then resumed lower in wave 3 towards 28.10 and wave 4 bounce ended at 30.30.Wave 5 of (5) remains in progress and can see 1 more leg lower in wave ((c)) of 5. Afterwards, expect Oil to complete wave (5) and end cycle from April 2019 high. It should then see a bounce in the sequence of 3, 7, or 11 swing to correct that cycle. Short term traders should be careful in chasing the downside in Oil at this stage.
Oil (CL_F) 1 Hour Elliott Wave Chart