Friday 16 January 2015

WTI OIL, the last dive, for now

Hi Traders,

WTI OIL is set to perform the last dive to the area $42-$40 followed by a long trading range between the new low and $61-63.


likely: 42.04-43.14
possibly: 40.94-40.39


The weekly and daily charts show that we are bottoming down by completing wave 3 (of 5) down to the above targets. The 4-hour and 1-hour charts show that it's a matter of hours for this to occur.

The new low at $42-$40 should be followed by the retracement wave 4 (weekly and daily charts), made out of 5 waves. It might unfold with a triangle or a similar formation, with the first leg reaching up the area at $61-$63.

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge