Hi Traders,
The WTI OIL (now at 106.85) needs a temporary pull back and this might be the starting point of 5 nice waves downwards.
TARGETS
likely: 105.45-105.34 and 103.36-103.73
possible: 101.75-102.05
maybe: 100.7
ELLIOTT WAVES
As the monthly and weekly chart displays, we had a breakout of the upper trend line which is usually followed by a pullback. This rebound might take oil down to 100.70 with a set of 5 waves.
NOTE:
If the pullback stops around 103-105 this would imply a different configuration of Elliott Waves. So, be careful.
monthly chart, click to enlarge
The WTI OIL (now at 106.85) needs a temporary pull back and this might be the starting point of 5 nice waves downwards.
TARGETS
likely: 105.45-105.34 and 103.36-103.73
possible: 101.75-102.05
maybe: 100.7
ELLIOTT WAVES
As the monthly and weekly chart displays, we had a breakout of the upper trend line which is usually followed by a pullback. This rebound might take oil down to 100.70 with a set of 5 waves.
NOTE:
If the pullback stops around 103-105 this would imply a different configuration of Elliott Waves. So, be careful.
monthly chart, click to enlarge
weekly chart, click to enlarge
daily chart, click to enlarge
wave oscillator applied to the daily chart, click to enlarge
4-hour chart, click to enlarge
wave oscillator applied to the 4-hour chart, click to enlarge
1-hour chart, click to enlarge
wave oscillator applied to the 1-hour chart, click to enlarge
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