Elliott Wave More Upside Is Expect in Oil

Elliott Wave view calls the rally in Oil to $54.24 ending wave ((A)). From there, the pullback ended with wave ((B)) at $51.37. Internal of wave ((B)) takes the form of a double three Elliott Wave structure. Down from $54.24, wave (W) ended at $51.80, wave (X) ended at $53.94, and wave (Y) ended at $51.37. From there, Oil has resumed higher and broke above wave ((A)) at $54.24. This signals that wave ((C)) has likely started.

The rally from $51.37 is proposed to take the form of a 5 waves Elliott Wave impulse. Up from $51.37, wave 1 ended at $52.24, wave 2 ended at $51.89, wave 3 ended at $54.93, and wave 4 ended at $53.92. The last move higher in wave 5 also ended wave (1) of larger degree at $55.37. Below from there we are calling now blue wave (2) pullback completed at 53.30 low looking for more upside. As long as it stays above that low but more importantly the pivot at 51.31 stays intact, we expect oil to extend higher due to the rightr side tag and the bullish sequence.