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ANALYSIS
The WTI OIL (now at 55.73) just topped. Closest target: the area 53-51 (theoretically, 51.24).
ELLIOTT WAVES
The monthly chart reveals that the WTI OIL unfolded four major waves down (in magenta) and started major wave five downward after the top at 77.
In the weekly chart, the first part of major wave five (wave 1) took the Oil down to 42.35. Then retraced to 57.85 (wave 2) and now seems to be heading down again by starting wave 3.
The daily and 4-hours charts confirm that wave 2 was made of three waves up (as it's supposed to be). It also show a double top and reversal candlestick pattern, confirming that a top-and-reverse is in place.
Finally, the 1-hour chart shows a "breakaway pattern", meaning that the next movement should be down.
NOTE
There is still the chance that (in the weekly chart) this is a temporary retracement down.
If this is the case, the OIL could be stopped by the support around 51 and reverse. In so doing, it would make a new high anywhere between 64.80 and 93.60.
Instead, if the OIL crosses that support around 51, we need to consider 26.00 as the next support.
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
