Sunday, 11 November 2018

WTI OIL bouncing back

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ANALYSIS

As predicted in my previous post, the WTI Oil (now at USD 59.81) started a major downtrend on Oct 10 and it is on way to reach the target in the USD 55-54 area (see the weekly chart).

It should then bounce back to the area USD 65-66.


ELLIOTT WAVES


The daily chart and the weekly chart clearly show that the whole set of Elliott waves and sub-waves is religiously in place, confirming the assumption of the completion of major wave 4 and the start of a new downtrend (major wave 5)

Major wave 4 (in the monthly and weekly charts) was supposed to be made out of three or seven waves. In fact, it formed an a-b-c in the weekly chart which is equivalent to a seven waves pattern displayed in the monthly chart


CONCLUSION

The WTI OIL is on the way to complete five waves down to USD 55-54 (see 4-hours chart). After the completion, it's expected to stage a three retracement-waves up to USD 65-66 (see the monthly chart).





monthly chart - click to enlarge






weekly chart - click to enlarge






daily chart - click to enlarge






4-hours chart - click to enlarge












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