Elliott Wave View of Oil (CL) suggests the correction against the cycle from July 30 low has ended as wave B. The dip unfolded as running flat Elliott Wave Structure. Down from August 5 high, wave ((a)) ended at 41.33 low. The bounce in wave ((b)) ended at 43.29 high. Afterwards, the commodity resumed lower and ended wave ((c)) at 41.45 low. This ended wave B pullback in the higher degree. Since then, the commodity has extended higher and broke above August 5 high, confirming that the next leg higher in wave C has already started.
Up from wave B low, wave (i) ended at 42.89 high and wave (ii) dip ended at 42.42 low. The commodity then extended higher in wave (iii) towards 43.57 high. Wave (iv) pullback then ended at 42.77 low. Currently, wave (v) is still in progress and could see another marginal high before ending 5 waves up from August 21 low as wave ((i)). Afterwards, 3 waves pullback should happen before upside resume again. As long as 41.45 low stays intact, expect the dips in 3,7 or 11 swings to find support. The structure from July 30 low is unfolding as zigzag Elliott Wave Structure. Therefore, the potential target to the upside for Oil in wave C would be 100-161.8% extension of A-B between 46-49 area.
Oil (CL) 1 Hour Elliott Wave Chart
