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:
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:
- 42.18-42.01
- 39.40-39.17
- 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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