Hi Traders,
WTI Oil (now at 104.53) seems to be heading South having completed a full set of Elliott Waves up to 108.89.
At present the monthly and weekly charts show a significant breakout of a symmetric triangle to the upside, meaning the start of a new uptrend followed by a retracement (wave 1 & 2).
At present, this reversal (wave 2) is confirmed by some nice reversal candlesticks in both the weekly and daily charts.
Only in case this reversal is not limited to a mere retracement, the entire Elliott configuration would have to be redrawn.
TARGETS
likely: area 103.36-103.73
possibly: area 101.75-102.05
maybe: area 100.62-100.80
ELLIOTT WAVES
The waves in the monthly and weekly charts is depicted an "a-b-c" followed by wave "1" which is the first wave upwards of a new uptrend. The retracement (wave 2) could go as far as 97.60 if the USD strengthens a bit.
WTI Oil (now at 104.53) seems to be heading South having completed a full set of Elliott Waves up to 108.89.
At present the monthly and weekly charts show a significant breakout of a symmetric triangle to the upside, meaning the start of a new uptrend followed by a retracement (wave 1 & 2).
At present, this reversal (wave 2) is confirmed by some nice reversal candlesticks in both the weekly and daily charts.
Only in case this reversal is not limited to a mere retracement, the entire Elliott configuration would have to be redrawn.
TARGETS
likely: area 103.36-103.73
possibly: area 101.75-102.05
maybe: area 100.62-100.80
ELLIOTT WAVES
The waves in the monthly and weekly charts is depicted an "a-b-c" followed by wave "1" which is the first wave upwards of a new uptrend. The retracement (wave 2) could go as far as 97.60 if the USD strengthens a bit.
monthly chart, click to enlarge
weekly chart, click to enlarge
daily chart, click to enlarge
4-hour chart, click to enlarge
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