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ANALYSIS
WTI OIL (now at 104.08) might re-visit the support area at 103.94-55 before heading to 110.86-111 and 114.80 (probably after Independence Day).
TARGETS
first down to the area at 103.94-55
then
likely: 110.86-111.00
possibly: 114.80
maybe: 121.58-122.00
ELLIOTT WAVES
The daily chart shows that the OIL has almost completed waves 1-2-3-4 (in black). It will be ready to start minor wave 5 up which has room and strenght to get up to $110.86-111 and 114.80.
NOTE
This would complete the whole set of waves up - both of a major and minor degree - setting the stage for a new major downturn.
Weekly chart, click to enlarge
Daily chart, click to enlarge
Wave Oscillator on a daily chart, click to enlarge
4-hour chart, click to enlarge
1-hour chart, click to enlarge
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