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Oil (CL) Short-Term Elliott Wave Analysis – August 27, 2015

ByElliott Wave Forecast
Published 08/26/2015, 11:02 PM
Updated 03/09/2019, 08:30 AM

Oil rally to 49.5 ended wave 4. From this level, the internal of wave 5 of (3) lower is unfolding in 5 waves, where wave ((i)) ended at 45.08, wave ((ii)) ended at 46.71, wave ((iii)) ended at 37.75, wave ((iv)) is proposed complete at 39.89 and oil has resumed lower in wave ((v)) of (3) towards 36.22 – 37.49 before a larger bounce in wave (4) takes place. Cycle is currently pretty stretched, but as far as wave ((ii)) pivot at 46.64 is intact, expect oil to resume lower to complete wave (3).
Oil Elliott Wave Chart

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