Another Leg Lower Can Enter OIL Into Buying Area?

Hello traders,

OIL short-term Elliott wave view suggests that a rally to 76.31 high ended the cycle from 8/15/2018 low in blue wave (1). The internals of that rally higher unfolded in a corrective structure thus suggests the instrument can be doing ending diagonal structure in black wave ((5)) higher. Down from there, blue wave (2) pullback remain in progress in 3, 7 or 11 swings to correct 8/15 cycle before upside renew.

Below from 76.89 high, the OIL declined lower in 3 swings & ended red wave W at 70.50 low, after reaching the blue box area at 71.48-69.18 area. The internals of that decline unfolded as a zigzag structure where black wave ((a)) ended in 5 waves at 73.08. A bounce to 75.25 high ended black wave ((b)) and black wave ((c)) of red wave W completed at 70.50 low.

Up from there, red wave X remain in progress to correct the cycle from 76.91 high as double three before another leg lower in red wave Y of (2) is seen. We don’t like selling the instrument and expect buyers to appear later on when it reaches the 100%-123.6% Fibonacci extension area of red wave W-X.