Wednesday 15 April 2020

WTI OIL to bounce back

Hi Traders,

Unless the WTI Oil drops below $19, it could recover to $42 or even 54.42.


In the monthly chart, the last candle is an inverted hammer. This implies a temporary rebound (therefore the downtrend should resume soon after) and also a rebound limited to $54.42. The most likely target should be $42.

The daily chart, the 4-hours chart and the 1-hour chart show that, unless the Oil drops below $19, the Elliott Wave pattern unfolding could be an AB+5

If this is the case, wave A and B have been completed and should be followed by 5 waves up, possibly to 54.42, more likely to 42.

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

No comments:

Post a Comment

Hi Traders. Tell me if you agree or (politely) disagree.

Note: only a member of this blog may post a comment.