OIL to rally soon

Hi Traders,

The WTI OIL (now at 45.86) should end the present downtrend in the area 44.72-44.17. It would then start a new uptrend to 68.83-69.51.

TARGETS

first down to the area 44.72-44.17

then up to 

- 47.35 - 48.07
- 49.05 - 49.58
- 51.69 - 52.53


ELLIOTT WAVES

The daily chart shows that there are two waves out of three: "wave a" up (from 42.58 to 62.55) and "wave b" down to 44.72-44.17.

These are two of the three component (a-b-c) of the major retracement wave 4  which should reach the area 68.83-69.51. The third component will be labelled  "wave c" and will be displayed in 5 waves. 


The 4-hour and 1-hour charts reveal that the last wave down (the very minor sub-sub-minuette wave 5) will be completed within the end of the week (Saturday early morning for Australia).


The channel in the 1-hour chart shows that the OIL is still performing the very last sub-sub-minuette-wave 4 which will be followed by wave 5 down to the area 44.72-44.17.

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