Short-term Elliottwave structure suggests cycle from 6/9 peak remains alive as a double three where wave W ended at 45.83 and bounce to 50.54 ended wave X. Wave Y lower is in progress with the internal as a double three where wave ((w)) ended at 45.83 and wave ((x)) bounce is proposed complete at 50.
While oil stays below 50, and more importantly as far as wave X pivot at 50.54 stays intact, expect oil to extend lower towards 43.3 – 44.75 area to end cycle from 6/9 peak. We don’t like selling the proposed push lower.
