Elliott Forecast - Elliott Wave View: Light Crude Oil (CL) 5 Swing Structure Favors Higher

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Elliott Forecast

Eric Morera

Elliott Wave View: Light Crude Oil (CL) 5 Swing Structure Favors Higher

Short Term Elliott Wave View in Light Crude Oil (CL) suggests the metal ended cycle from 1.16.2025 high. Decline from 1.16.2025 high unfolded as a 5 waves with wave ((i)) ended at 77.87 and wave ((ii)) ended at 79.44. Wave ((iii)) lower ended at 72.38 and wave ((iv)) rally ended at 75.18. Final leg wave ((v)) ended at 70.12 which completed wave A in higher degree.

Oil is now looking to correct cycle from 1.16.2025 high in wave B. Internal subdivision of wave B is unfolding as a zigzag Elliott Wave structure. Up from wave A, wave i ended at 72.07 and pullback in wave ii ended at 70.89. Wave iii higher ended at 73.04 and pullback in wave iv ended at 71.85. Final leg wave v ended at 73.25 which completed wave (i). Due to the 5 swing rally from 2.17.2025, the structure suggests further upside is more likely. Pullback in wave (ii) is in progress to correct cycle from 2.17.2025 low before it resumes higher. Near term, as far as pivot at 70.11 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.

Light Crude Oil (CL) 60 Minutes Elliott Wave Chart
Light Crude Oil (CL) Elliott Wave Chart
CL Video
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Source:-forecast.com/news/elliott-wave-view-light-crude-oil-cl-5-swing-structure-favors-higher/

21/02/2025 1 EN

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Elliott Forecast

Elliottwave-Forecast.com (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 52 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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Eric Morera

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Elliott Wave View: Light Crude Oil (CL) 5 Swing Structure Favors Higher

Elliott Wave: Copper (HG) Impulsive Rally Signals More Upside

TRV Approaches Final Stage of Impulse Structure: Anticipating a Pullback

CRWD’s Leading Diagonal: Grand Super Cycle Points to More Upside

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