Short term Elliott Wave suggests the rally from June 17, 2021 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from June 17 low, wave ((i)) ended at 74.25 and wave ((ii)) pullback ended at 72. Internal of wave ((ii)) unfolded as an expanded Flat. Down from wave ((i)), wave (a) ended at 72.32, rally in wave (b) ended at 74.45, and wave (c) lower ended at 72. This completed wave ((ii)) in higher degree.
Oil has resumed higher in wave ((iii)). Internal of wave ((iii)) is unfolding as a 5 waves impulse structure. Up from wave ((ii)), wave (i) ended at 74.14 and pullback in wave (ii) ended at 72.97. Oil then extends higher in wave (iii) towards 76.22, and pullback in wave (iv) ended at 74.41. Wave (v) is in progress and expected to complete soon, then it should complete wave ((iii)) in higher degree as well. Afterwards, it should pullback in wave ((iv)) before the rally resumes. Near term, as far as June 29 pivot low at 72 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Oil 45 Minutes Elliott Wave Chart
