Short Term Elliott Wave View in Oil (CL) suggests that cycle from 10.8.2024 high is in progress as a 5 waves impulse. Down from 10.8.2024 high, wave 1 ended at 66.72. Wave 2 rally ended at 72.89 as the 1 hour chart below shows. It has then turned lower again in wave 3. Down from wave 2, wave (i) ended at 70.94 and wave (ii) bounce ended at 71.64. Wave (iii) lower ended at 66.94 and wave (iv) rally ended at 69.39. Final wave (v) lower ended at 66.61 which completed wave ((i)).  Oil then rallied in wave ((ii)) with internal subdivision of a zigzag.

Up from wave ((i)), wave (a) ended at 70.15 and wave (b) ended at 68.75. Wave (c) higher ended at 71.51 which completed wave ((ii)). Oil has turned lower and structure of the decline looks impulsive. Down from wave ((ii)), wave i ended at 70.4 and wave ii ended at 71.24. Wave iii lower ended at 68.57. Expect wave iv to end soon and then it should turn lower in wave v to complete wave (i). Afterwards, expect oil to rally in wave (ii) in 3, 7, or 11 swing before the decline resumes. Near term, as far as pivot at 72.89 high stays intact, expect rally to fail in 3, 7, 11 swing for more downside.

Oil (CL) 60 Minutes Elliott Wave Chart

CL Elliott Wave video

 

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD turns south to near 1.0350 as risk sentiment sours

EUR/USD turns south to near 1.0350 as risk sentiment sours

EUR/USD is back in the red at around 1.0350 in the European trading hours on Thursday. The pair erased gains amid a resurgent US Dollar demand and worsening market mood. Investors stay cautious at the onset of 2025, awaiting the US jobs data for fresh incentives. 

EUR/USD News
GBP/USD battles 1.2500 amid cautious markets

GBP/USD battles 1.2500 amid cautious markets

GBP/USD reverses gains and holds steady near 1.2500 in the European session on Thursday. Persistent US Dollar demand and a risk-averse market environment remain a drag on the pair. Traders await the return of full markets before placing fresh bets to begin 2025. 

GBP/USD News
Gold price appreciates due to a potential central bank purchases this year

Gold price appreciates due to a potential central bank purchases this year

Gold price rises for the third consecutive session on Thursday, following a more than 27% increase in 2024, marking its best performance since 2010. This upward momentum has been driven by US monetary easing, persistent geopolitical tensions, and record central bank purchases.

Gold News
These three narratives could fuel crypto in 2025, experts say

These three narratives could fuel crypto in 2025, experts say

Crypto market experienced higher adoption and inflow of institutional capital in 2024. Experts predict the trends to look forward to in 2025, as the market matures and the Bitcoin bull run continues. 

Read more
Three Fundamentals: Year-end flows, Jobless Claims and ISM Manufacturing PMI stand out

Three Fundamentals: Year-end flows, Jobless Claims and ISM Manufacturing PMI stand out Premium

Money managers may adjust their portfolios ahead of the year-end. Weekly US Jobless Claims serve as the first meaningful release in 2025. The ISM Manufacturing PMI provides an initial indication ahead of Nonfarm Payrolls.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Majors

Cryptocurrencies

Signatures