Hi Traders,
Unless the WTI Oil drops below $19, it could recover to $42 or even 54.42.
ELLIOTT WAVES
In the monthly chart, the last candle is an inverted hammer. This implies a temporary rebound (therefore the downtrend should resume soon after) and also a rebound limited to $54.42. The most likely target should be $42.
The daily chart, the 4-hours chart and the 1-hour chart show that, unless the Oil drops below $19, the Elliott Wave pattern unfolding could be an AB+5
If this is the case, wave A and B have been completed and should be followed by 5 waves up, possibly to 54.42, more likely to 42.
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
Unless the WTI Oil drops below $19, it could recover to $42 or even 54.42.
ELLIOTT WAVES
In the monthly chart, the last candle is an inverted hammer. This implies a temporary rebound (therefore the downtrend should resume soon after) and also a rebound limited to $54.42. The most likely target should be $42.
The daily chart, the 4-hours chart and the 1-hour chart show that, unless the Oil drops below $19, the Elliott Wave pattern unfolding could be an AB+5
If this is the case, wave A and B have been completed and should be followed by 5 waves up, possibly to 54.42, more likely to 42.
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
