Thursday, 31 August 2017

IS THE WTI OIL WARMING UP FOR A GOOD RALLY?

Hi Traders,

We might have some interesting weeks ahead as the WTI OIL (now at 45.75) is approaching the targets. 


The OIL is only inches from completing the whole set of waves down, being the theoretical target at 45.59-45.34. If this analysis is correct, we could witness the start of a new rally that could take it to 61.50 (see the weekly chart). 

ELLIOTT WAVES


The weekly chart displays the blue horizontal lines as possible targets. The daily chart shows the likely completion of wave 4 by hitting the target at 45.59-45.34. The 4-hour chart shows the recent low at 45.60 and the a-b-c that shaped wave 4.


NOTE: There might be another small ripple down - which will be visible on the 1-hour chart - before the start of the rally.




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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