Thursday, 10 January 2019

WTI OIL to Top Soon?


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ANALYSIS



The WTI OIL (now at 51.63) is very close to the theoretical top at 52-54.13 where it would complete the expected Elliott Wave pattern. If this is correct, the Oil might reverse its course very very soon.


ELLIOTT WAVES

The monthly chart reveals that the WTI OIL unfolded 4 waves down (in magenta) and started wave five downward after the top at 77. The first part of wave five took the Oil down to 42.35. 

The weekly, daily and 4-hours charts reveal that the first part of wave five was made of 4 waves (out of five), being the fourth one almost complete.

Finally, the 1-hour chart shows that we need only a very minor wave up to complete the whole pattern of minor wave four to 52-54.13. This top should be followed by wave five down to 42 or lower.




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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