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Elliott Wave View Calling for Extension Higher in Oil

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Elliott wave view suggests the decline to 50.58 in Oil ended wave ((1)). Up from there, the rally unfolded asa 5 wavesimpulseElliott Wave structure.Wave 1 ended at 52.32, wave 2 pullback ended at 51.17, wave 3 ended at 53.83, wave 4 ended at 52.62, and wave 5 ended at 54.84. We can see from the chart both wave 3 and 5 subdivides into another impulse of lesser degree. This 5 waves move higher ended wave (A) in higher degree. The instrument is now correcting cycle from June 5 low within wave (B) as a double three structure.

Wave W of (B) ended at 53.05, wave X of (B) ended at 54.04, and wave Y of (B) should find buyers at 51.1 52.22 blue box area. The instrument should then resume higher in wave (C) from this area or at least bounce in 3 waves. We dont like selling Oil and expect another leg higher as far as pivot at 50.58 low stays intact. If Oil breaks below 50.58, then its possible to count the 5 waves move up from 50.58 low as part of wave C Flat from June 3 low (52.11).

Oil (CL_F) 1 Hour Elliott Wave Chart

Oil June 12

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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