OIL Elliott Wave Analysis: Calling For More Weakness

OIL Elliott wave analysis suggests that a decline from October 3, 2018 peak ($76.9) is unfolding as impulse Elliott wave structure. Down from $76.9 peak, the black wave ((1)) ended at $68.47 low. A black wave ((2)) bounce ended at $69.65 high. Then a decline to $54.75 low ended black wave ((3)). Black wave ((4)) bounce ended at $57.98 high. Oil is currently in the final leg black wave ((5)) lower, which also looks to be unfolding as impulsive structure.

Down from $57.98 high, the initial decline to $50.08 low ended blue wave (1) in 5 waves. Above from there, a 3 wave bounce to $54.22 high ended blue wave (2) as zigzag structure. Below from there, blue wave (3) remain in progress in another 5 waves structure where red wave 1 ended in 5 waves at $50.53 low. A bounce to $53.29 high ended red wave 2 as a Flat correction.

Below from ther it ended red wave 3 at 45.84 low and we are also calling the bounce in red wave 4 complete at 48.01. As long as it stays below that level but more importantly below 53.27 low we expect Oil to extend lower.