Short term Elliott Wave view in Crude Oil (CL_F) suggests that cycle from 3/22 low (47.01) is unfolding as a double three Elliott wave structure where Minute wave ((w)) ended at 50.85 and Minute wave ((x)) ended at 49.88. Minute wave ((y)) is in progress and the internal is unfolding also as a double three Elliott wave structure where Minutte wave (w) ended at 52.94 and Minutte wave (x) pullback ended at 51.49. Cycle from 3/22 low is mature but near term, while pullbacks stay above 51.49, Crude has scope to extend higher to 53.71 – 54.61 area to complete Minor wave 1 and end cycle from 3/22 low, then Crude Oil should pullback in Minor wave 2 to correct cycle from 3/22 low before the rally resumes. We don’t like selling the pullback and expect buyers to appear once Minor wave 2 pullback is complete in 3, 7, or 11 swing for an extension higher.
CL_F 1 Hour Elliott Wave Chart 04/12/2017