Elliott Wave View: Oil (CL) Short Term May See More Downside

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.