WTI OIL correction

Hi Traders,

WTI OIL (now at 60.50) just started a correction that could push it down to $55.

TARGETS

1: 59.86 - 59.83
2: 58.28 - 58.09
3: 56.97 - 56.82
4: 55.17 - 55.03
5: 54.22 - 54.10

ELLIOTT WAVES

The weekly chart shows that we're performing the retracement wave 4 (in red), up from the low at 42.58. The first part of this wave seems to be finished and we are staging a retracement with a typical zig-zag downwards (5-3-5).

For more details, see the daily and 4-hour charts





monthly chart - click to enlarge





 



 
weekly chart - click to enlarge





 



 
 
 
 
 
 
 
daily chart - click to enlarge





 



 
 
 
 
 
 
 
4-hours chart - click to enlarge





 



 
 
 
 
 
 
 
1-hours chart - click to enlarge