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Elliott Wave View: Oil Looking for Further Pullback

Short Term outlook in Oil suggests the decline from March 7, 2022 is unfolding as a double three Elliott Wave structure. Down from March 7 peak, wave (W) ended at 93.53 and rally in wave (X) ended at 116.64. Internal subdivision of wave (X) unfolded as a double three. Wave W ended at 106.28 and dips in wave X ended at 102.30. The commodity then resumes higher in wave Y towards 116.64 which completed wave (X). It has since turned lower in wave (Y) although a break below wave (W) at 93.53 is required to validate the view.

Down from wave (X), wave (i) ended at 108.68 and rally in wave (ii) ended at 114.12. Oil then resumes lower in wave (iii) towards 102.83, rally in wave (iv) ended at 107.84, and final leg lower wave (v) ended at 98.44 which completed wave ((a)). Correction in wave ((b)) is proposed complete at 108.75 with internal subdivision as a zigzag structure. Up from wave ((a)), wave (a) ended at 106.74, wave (b) ended at 104.55, and wave (c) ended at 108.75. Near term, while below 108.75, and more importantly below 116.64, expect further downside in Oil.

Oil 45 Minutes Elliott Wave Chart

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