Monday, 24 July 2017

WTI OIL: What's Next

Hi Traders,

The WTI Oil (now at 45.75) did exactly as predicted in my previous POST. It has indeed a bleak future. After a small rebound up to 46.50, it should resume the downtrend to the area 40.3-37.6 and even 37.6-35.1 - see this targets in the weekly and daily charts.

ELLIOTT WAVES

All the targets/support below mentioned are supposed to be turning points where waves of any magnitude temporarily touch and rebound.

The monthly chart displays the following targets/supports:

  1. 42.18-42.01
  2. 39.40-39.17
  3. 35.22-35.17
Fibo cluster (not displayed): 43.95

The weekly chart shows a band of targets between 35.01 and 37.60. In addition, the daily chart suggests another support area at 40.33-37.60.

The 4-hour and 1-hour charts show that the Oil topped in the previously designated area: 47.25-47.85. They also display wave C made of 7 waves up - equivalent to 3 waves - and the possible target at 46.50.




Monthly chart. Click to enlarge




Weekly chart. Click to enlarge




Daily chart. Click to enlarge




4-hour chart. Click to enlarge




1-hour chart. Click to enlarge









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