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