Oil: Impulsive Elliott Wave Structure In Play

Elliott Wave outlook in Oil (CL_F) suggests that the move lower from 10/3 high ($76.9) remains in progress as a 5 waves impulsive Elliott Wave structure. Down from $76.9, black wave ((1)) ended at $65.74, black wave ((2)) ended at $67.95, and black wave ((3)) remains in play. Internal of black wave ((3)) also unfolded as 5 waves impulsive Elliott Wave structure of lesser degree where blue wave (4) of ((3)) ended at $54.55.

Oil is currently in the final blue wave (5) of ((3)) move lower which should also complete black wave ((3)). Internal of blue wave (5) subdivides as another impulse Elliott Wave structure of lesser degree (red degree). Red wave 1 of (5) ended at $50.08, red wave 2 of (5) ended at $54.26, red wave 3 of (5) ended at $42.36, and red wave 4 of (5) is proposed complete at $47. Near term, while Oil stays below $47, but more importantly below $54.26, expect for more downside in Oil.