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Elliott Wave View: Rally in Oil (CL_F) Remains Corrective

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The rally in Oil (CL_F) from October 3 low ($50.99) looks overlapping and corrective. This suggests the current rally is likely not a new bullish cycle. The structure of the rally is unfolding as adouble three Elliott Wave structure. Up from October 3 low, wave ((w)) as shown on the chart below ended at $56.92. The pullback in wave ((x)) ended at 53.71 with the internal of a double zigzag. Oil then resumes higher again within wave ((y)). Internal of wave ((y)) is unfolding as a zigzag where wave (a) ended at $57.85 as a 5 waves impulse.

Wave (b) of ((y)) is in progress as a symmetrical triangle where further sideways consolidation is expected. As far as Oil remains above 55.78, it has scope to extend higher again in wave (c) of ((y)). Possible target for wave (c) of ((y)) higher is $59.57 $63.19, which is the 100% Fibonacci extension from October 3 low. Once Oil reaches this area, cycle from October 3 low should end. It should then see sellers for more downside or a larger 3 waves pullback to correct cycle from October 3.

CL_F 1 Hour Elliott Wave Chart

CL_F 15 Nov

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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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