Oil $CL_F Elliottwave Analysis: Pullback expected before higher again

​Short term Elliott wave count suggests that pullback to 42.55 at 9/20 ended wave X. The rally from there is unfolding as a zigzag where wave (a) ended at 46.52, and wave (b) ended at 44.2. Instrument has reached 100% from 9/20 low and thus there’s enough number of swing and extension to call cycle from 9/20 completed although a marginal high still can’t be ruled out towards 48.5 – 49 area to complete wave ((w)). Once wave ((w)) ended, expect wave ((x)) pullback in 3, 7, or 11 swing to correct cycle from 9/20 low before the instrument resumes higher again, provided that pivot at 9/20 (42.55) low remains intact. We don’t like selling the proposed pullback.

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