Hi Traders,
Time to long the WTI OIL (now at $49.27) as it's supposed to rally to the area $60-62. The present price seems to be a good entry point.
TARGETS
likely: area 58.25-59.49
possibly: area 61.69-62.63
maybe: 63.67
The blue lines in each chart represent possible targets
ELLIOTT WAVES
The OIL completed wave 3 in the weekly chart and started "retracement wave 4".
Waves 1 & 2 in the 4-hour and 1-hour charts are just the beginning of the bigger "retracement wave 4" of the weekly chart.
weekly chart - click to enlarge
daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge
Time to long the WTI OIL (now at $49.27) as it's supposed to rally to the area $60-62. The present price seems to be a good entry point.
TARGETS
likely: area 58.25-59.49
possibly: area 61.69-62.63
maybe: 63.67
The blue lines in each chart represent possible targets
ELLIOTT WAVES
The OIL completed wave 3 in the weekly chart and started "retracement wave 4".
Waves 1 & 2 in the 4-hour and 1-hour charts are just the beginning of the bigger "retracement wave 4" of the weekly chart.
weekly chart - click to enlarge
daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge
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