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Oil: Impulsive Elliott Wave Structure In Play

Elliott Wave outlook in Oil (CL_F) suggests that the move lower from 10/3 high ($76.9) remains in progress as a 5 waves impulsive Elliott Wave structure. Down from $76.9, Primary wave ((1)) ended at $65.74, Primary wave ((2)) ended at $67.95, and Primary wave ((3)) remains in play. Internal of Primary wave ((3)) also unfolded as 5 waves impulsive Elliott Wave structure of lesser degree where Intermediate wave (4) of ((3)) ended at $54.55.

Oil is currently in the final Intermediate wave (5) of ((3)) move lower which should also complete Primary wave ((3)). Internal of Intermediate wave (5) subdivides as another impulse Elliott Wave structure of lesser degree (Minor). Minor wave 1 of (5) ended at $50.08, Minor wave 2 of (5) ended at $54.26, Minor wave 3 of (5) ended at $42.36, and Minor wave 4 of (5) is proposed complete at $47. Near term, while Oil stays below $47, but more importantly below $54.26, expect for more downside in Oil.

Oil 1 Hour Elliott Wave Chart