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 this 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
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 this 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
