Elliott Wave View: Oil Looking for Further Downside

NYMEX:CL1!   Light Crude Oil Futures
CL ended the cycle from 04/23 peak at 05/06/19 low ($60). Above from there it finished the correction in red wave 2 and broke already to new lows below $60 opening up another extension lower.

Near-term from 05/20/19 peak it is currently unfolding as a Elliott Wave impulse structure lower. Where it ended wave ((i)) at 62.43 and wave ((ii)) pullback at 63.80 peak. While below there is still within a wave (( iii )) and should ideally see more downside. As long as the bounces stay below 63.82 peak it is expected to extend lower for now. We dont recommend the buying and like more downside in 3-7 or 11 swings against 63.82 peak.
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