Thursday, 14 June 2018

THE OIL TO TURN SOUTH AGAIN?

Hi traders,

The WTI OIL (now at 66.63) is approaching the theoretical Turning Point at 67.20-67.42 where it should resume the downtrend to the area at 62.74-62.35.


ELLIOTT WAVES

The monthly chart shows that we might have witnessed the last retracement wave up (at 5 4 ) before the final dive which will deploy wave-5 downwards (not labelled yet).


The weekly chart shows the giant a-b-c started in Feb 2016 where wave-c is still in the making. Wave-a and wave-b are fully deployed whilst wave-c still needs another small leg down (wave-5, still to be labelled) to complete the giant a-b-c.

As for the daily chart and the 4-hours chart, see wave-4 approaching the theoretical Turning Point at 67.20-67.42.




Monthly chart. Click to enlarge





Weekly chart. Click to enlarge





Daily chart. Click to enlarge





4-hours chart. Click to enlarge







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