WTI OIL (now at 75.00) is very close to the ultimate support around 72.40. I believe that the downtrend is very close to the end of the line. Expect strong volatility as the new uptrends starts over.
TARGETS
First down to the area around 72.40
then up to the area 85.46-85.88 (see daily chart)
ELLIOTT WAVES
The weekly chart shows that the a-b-c-d-e will be completed soon by reaching the area around 72.40 where a new uptrend should start shortly.
The 4-hour and 1-hour chart are clearly sounding the bell as OIL is staging the very last sub-minuette wave down to the target.
weekly chart - click to enlarge
daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge
