Hi Traders,
The WTI OIL (now at 47.00) is close to a possible Turning Point within the target area 47.10-49.20, as I previously suggested in another Post. First target/support (after topping): 40.60
ELLIOTT WAVES
The monthly chart displays a very wide a-b-c down. These three waves are the constituent elements of a huge wave-4 which, in turn, is part of a cycle started in Jan 1999 at 18.13.
The weekly chart shows that the new uptrend started 12 months ago at 26.03. Then the OIL performed wave 1 (up). Wave 2 (now) is now in the making. Note the targets: wave "c2" might end around 37.50 or even 35.00.
The daily chart shows that the first objective around 47.00 has been reached. It also displays four targets from 47.00 to 49.20 which is the area where the present retracement rally could top and reverse.
For W.D.Gann enthusiasts, please note the following:
This cycle started 19 years ago, (Jan 1999 to ... Dec 2017), from the low at about $19. The new uptrend (major wave 3 on our weekly chart) should start roughly around $38 (19X2) and top around $76 (19X4). Possible. We'll see.
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
The WTI OIL (now at 47.00) is close to a possible Turning Point within the target area 47.10-49.20, as I previously suggested in another Post. First target/support (after topping): 40.60
ELLIOTT WAVES
The monthly chart displays a very wide a-b-c down. These three waves are the constituent elements of a huge wave-4 which, in turn, is part of a cycle started in Jan 1999 at 18.13.
The weekly chart shows that the new uptrend started 12 months ago at 26.03. Then the OIL performed wave 1 (up). Wave 2 (now) is now in the making. Note the targets: wave "c2" might end around 37.50 or even 35.00.
The daily chart shows that the first objective around 47.00 has been reached. It also displays four targets from 47.00 to 49.20 which is the area where the present retracement rally could top and reverse.
For W.D.Gann enthusiasts, please note the following:
This cycle started 19 years ago, (Jan 1999 to ... Dec 2017), from the low at about $19. The new uptrend (major wave 3 on our weekly chart) should start roughly around $38 (19X2) and top around $76 (19X4). Possible. We'll see.
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hour chart. Click to enlarge
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