In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of Oil Futures (CL_F) , published in members area of the website. As many of our members are aware, the commodity has given us decent rally recently. In the following sections, we’ll delve into the Elliott Wave pattern and explain the forecast.
OIL H1 Update 12.20.2024
The commodity is giving us correction against the 66.96 low. The pullback has already reached the extreme zone at 69.18-67.81, and we believe buyers should take the lead soon. At this stage, we advise against forcing trades in OIL . We expect buyers to push the price higher from the marked extreme zone, ideally toward new highs.
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OIL H1 Update 01.02.2025
OIL responded exactly as expected. It found buyers at the Extreme Area ( 69.18-67.81) , making rally toward new highs. CL_F should ideally keep finding intraday buyers in 3,7,11 swings against the 66.96 pivot.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
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Source:https://elliottwave-forecast.com/commodities/oil-cl_f-elliott-wave-forecasting-rally/
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