Cycle from 12.9.2022 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 12.9.2022 low, wave 1 ended at 82.64 and pullback in wave 2 ended at 72.31. Internal subdivision of wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave (i) ended at 79.45 and rally in wave (ii) ended at 82.48. Oil then extends lower in wave (iii) towards 79.04 and wave (iv) ended at 80.49. Wave (v) ended at 76.55 which completed wave ((a)) in higher degree. Rally in wave ((b)) ended at 79.73.
Oil then extended lower in wave ((c)). Down from wave ((b)), wave (i) ended at 74.97 and rally in wave (ii) ended at 78. It then extends lower in wave (iii) towards 73.1, wave (iv) ended at 74.41, and final leg wave (v) ended at 72.31. This completed wave ((c)) and 2 in higher degree. Oil has turned higher in wave 3 with internal subdivision as another impulse. Up from wave 2, wave ((i)) ended at 78.84. Pullback in wave ((ii)) ended at 73.80 with internal subdivision as an expanded flat. Down from wave ((i)), wave (a) ended at 76.52, wave (b) ended at 80.62, and wave (c) ended at 73.80. Oil has turned higher in wave ((iii)). Near term, as far as pivot at 72.31 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
Oil 60 Minutes Hour Elliott Wave Chart
