Wednesday, 23 May 2018

WTI OIL to top soon?

Hi traders,

The WTI OIL (now at 71.75) is loosing steam and might top soon. Although my target is still the area 74.91-77.13, it might actually top before 74.00


The weekly chart shows the giant a-b-c started in Feb 2016 where 
wave-c is almost completed. Wave-a and wave-b are fully deployed whilst wave-c is in the very final stage.

The monthly chart shows that t
his giant a-b-c is just a retracement wave up (wave four) of the downturn that started in July 2008. Once completed, it will stage an important correction to the South side.

As for the daily chart, i
t displays a 1-2-3-4 (in black). After that  another 1-2-3-4 (in green) highlights four waves of a smaller degree. Once wave five is completed, the whole pattern could reverse course.

Finally, check the arrow in the 4-hours chart: it highlights a candlestick pattern that usually occurs when a top is imminent.

Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hours chart. Click to enlarge