Monday, 26 February 2018

WTI OIL to top soon?

Hi Traders,

The WTI OIL (now at $63.40) might top around 64.75-65.05 and temporarily reverse to the 57-55 area.


On the monthly chart, check the last red candlestick: it looks like an inverted hammer. This typical candle appears during the making of wave-4, which is the last retracement wave before the final rally (wave-5).

The weekly chart shows the giant a-b-c started in Feb 2016. It could end in the 69.6-70.50 area or even the 74-77 area.

As in the daily chart, another smaller wave-four is unfolding with an a-b-c where wave-a is already in place and wave-b is topping soon. This demonstrates that this is only a temporary retracement.

The 4-hours chart and the 1-hour chart draw our attention to the incoming target at 64.75-65.05.

Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hours chart. Click to enlarge

1-hour chart. Click to enlarge

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