Wednesday, 4 April 2018

WTI OIL STILL HEADING SOUTH

Hi traders,

I am grinning as I got it right again. At present, the WTI OIL (now at 63.35) seems to be heading towards the 57.30 area as it's performing a retracement wave  (see my previous post). However, there is still a chance for a small jump to the area 64.15-64.64 before heading South.

ELLIOTT WAVES

The weekly chart shows the giant a-b-c started in Feb 2016 where 
wave-c is in the making. Wave-a and wave-b are fully deployed whilst wave-c is still in the making. It could end in the 69.6-70.50 area or even the 74-77 area.

The monthly chart shows that t
his should be the last retracement wave (up) before the final dive (wave-5).

As for the daily chart, another smaller wave-4 is unfolding with an a-b-c on a much smaller scale. Wave-a and wave-b are already in place whilst wave-c is still in the making with a possible target down to 
57.30.

The 4-hours chart shows the target area of the possible rebound: 64.15-64.64 within the next few hours, whilst the 1-hour chart draws our attention to a possible intermediate target at 61.30-61.45.





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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