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Elliott Wave View: Pullback In Oil Should Stay Supported

Oil (CL_F) shows a bullish sequence from April 22, 2020 low calling for further upside. Near term, rally from November 2, 2020 low is unfolding as a 5 waves impulsive Elliott Wave structure where wave ((1)) ended at $43.33 and pullback in wave ((2)) ended at $40.34. Internal of wave ((2)) unfolded as a zigzag where wave (A) ended at $41.29, wave (B) ended at $42.45, and wave (C) ended at $40.34.

Oil has started a wave ((3)) higher and the internal is unfolding as a 5 waves impulse in lesser degree. Up from wave ((2)) low at $40.34, wave 1 ended at $42.35 and dips in wave 2 ended at $40.81. Wave 3 ended at $45.72, wave 4 ended at $45.03, and wave 5 ended at $46.26. This completed wave (1) in higher degree. Wave (2) pullback is currently in progress to correct cycle from November 14 low before the rally resumes. As far as pivot at November 14 low ($40.34) remains intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher in wave ((3)) is at least 100% of wave ((1)) towards $49.57.

CL_F 60 Minutes Elliott Wave Chart

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