Hi Traders,
The WTI OIL (now at 56.70) might stage a temporary retracement to the 56.3 area before the final rally to 61.3-61.8. However, the theoretical target at 66-69.15 cannot be discarded at this stage.
ELLIOTT WAVES
The monthly chart reveals that retracement wave 4 (in magenta) has already retraced 38.2% of wave 3. Within one-two months, it could top around the 61.3-61.8 area, although we shouldn't discard the higher cluster of blue lines at 66-69.15 (50% retracement).
The weekly chart doesn't add much information to the picture but the daily chart and the 4-hours chart draw out attention to the fact that, after point b, the OIL has fully deployed four waves up, plus a number of "extensions" of the "still unfolding" wave 5.
At present, this "extension pattern" suggests that OIL might bottom around 56.3 and launch the very last assault to the target at 61.3-61.8. However, if further extensions occur, OIL might reach the theoretical target at 66-69.15 in a much longer time.
Finally, the 1-hour chart displays the incoming target of this retracement wave at 56.31 (blue horizontal line)
NOTE the vertical lines on the weekly chart. WTI OIL took 99 weeks to develop wave 2 (in magenta). In case wave 4 takes the same amount of time, it would top around Dec 22.
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
The WTI OIL (now at 56.70) might stage a temporary retracement to the 56.3 area before the final rally to 61.3-61.8. However, the theoretical target at 66-69.15 cannot be discarded at this stage.
ELLIOTT WAVES
The monthly chart reveals that retracement wave 4 (in magenta) has already retraced 38.2% of wave 3. Within one-two months, it could top around the 61.3-61.8 area, although we shouldn't discard the higher cluster of blue lines at 66-69.15 (50% retracement).
The weekly chart doesn't add much information to the picture but the daily chart and the 4-hours chart draw out attention to the fact that, after point b, the OIL has fully deployed four waves up, plus a number of "extensions" of the "still unfolding" wave 5.
At present, this "extension pattern" suggests that OIL might bottom around 56.3 and launch the very last assault to the target at 61.3-61.8. However, if further extensions occur, OIL might reach the theoretical target at 66-69.15 in a much longer time.
Finally, the 1-hour chart displays the incoming target of this retracement wave at 56.31 (blue horizontal line)
NOTE the vertical lines on the weekly chart. WTI OIL took 99 weeks to develop wave 2 (in magenta). In case wave 4 takes the same amount of time, it would top around Dec 22.
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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