WTI OIL

Hi Traders,

Before getting into the analysis of WTI OIL, don't forget my webinars and seminars this week.

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At the Seminar you will have a fair idea of "How to":

• recognise & label each wave properly
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• correctly identify the starting point of new trends
• determine targets
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...

THE ANALYSIS: WTI OIL

The WTI OIL (now at 97.90) stopped right on a major support. However, it might set another attempt to drop to the 95 area before starting the new uptrend.
  
TARGETS

First: 95-95.90

then 

likely: 98.60-98.88
possibly: 101.72-102.07
maybe: 104-104.31

ELLIOTT WAVES

Although the daily chart displays 5 waves down, the 1-hour chart shows only  wave 4 (in red), stating the need of wave 5 and a new low (or a double bottom). Then the new uptrend should start.

NOTE:

The 1-hour chart also displays a double bottom and a reversal candlestick but those patterns may not be enough to justify a new uptrend straight away.

If this analysis is correct, we still need this little 5th wave downwards (in the 1-hour chart) before starting the new uptrend.

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