Hi Traders,
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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
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
For those traders who want to get to the professional level, please check my mentor program.
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
