Oil (CL_F) has just ended cycle from 4.29.2020 low as a 5 waves impulse Elliott Wave structure. Up from 4.29.2020 low, wave 1 ended at 23.4 and pullback in wave 2 ended at 20.84. Oil resumes higher again in wave 3 towards 38.18, wave 4 dips ended at 35.88, and wave 5 ended at 40.48. The 5 waves move higher ended wave (A) in higher degree. The instrument is now pulling back in wave (B) to correct cycle from 4.29.2020 low before the rally resumes.
Internal subdivision of wave (B) is unfolding as a zigzag Elliott Wave structure. A zigzag is a 3 waves structure with 5-3-5 subdivision. On the 30 minutes chart below, we can see a 5 waves down from Wave (A). Down from 40.48, wave ((i)) ended at 37.07 and wave ((ii)) ended at 39.91. Wave ((iii)) ended at 35.41, wave ((iv)) ended at 36.79, and wave ((v)) ended at 34.48. This 5 waves down ends wave A in higher degree. Wave B bounce is in progress to correct decline from 6.8.2020 high in 3, 7, or 11 swing before Oil turns lower again. As far as pivot at 40.48 high stays intact, expect any rally to fail in 3, 7, or 11 swing for more downside or 3 waves pullback at least.