The short-term Elliott wave view in the OIL futures ($CL_F) suggests that the cycle from the 12 June 2023 low is unfolding in an that supports more upside in the instrument. Up from that low, the wave ((i)) ended at $72.72 high in a lesser degree 5 waves. While wave ((ii)) ended at 67.05 low and wave ((iii)) also unfolded in a lesser degree 5 waves sequence. In which, wave (i) of ((iii)) ended at $77.33 high.
Down from there, the pullback to the $73.84 low ended wave (ii) & the instrument rallied higher again. The rally to the $82 high ended wave (iii) & a pullback in wave (iv) ended at $78.69 low. Then a push higher towards $83.30 high ended wave (v) and thus completed the wave ((iii)). From there, OIL did a 3 wave pullback within wave ((iv)) as a zigzag structure where wave (a) ended at $81.52. Wave (b) ended at $82.55 and wave (c) ended at $79.90 low. Near-term, as far as dips remain above the $79.90 low the OIL is expected to resume the upside in wave ((v)) towards $84.09- $85.39 area, which is the inverse 123.6-161.8% target area of wave ((iv)) minimum before a pullback happens.
OIL 1 Hour Elliott Wave Chart From 8.09.2023
OIL Elliott Wave Video
Source:-forecast.com/news/oil-impulse-sequence-supports-upside/
