Friday, 26 July 2013

OIL reversing?

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.


likely: area 103.36-103.73
possibly: area 101.75-102.05
maybe: area 100.62-100.80


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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