Tuesday, August 2, 2016

Elliott wave analysis of WTI Crude Oil - Low expected near 38.78


WTI Crude Oil - Low expected near 38.78 

The rally from the mid-February low at 26.06 was in five waves (impulsive) indicating that at least an zig-zag (A-B-C) rally should be expected. 

Wave A rallied in five waves from 26.06 to 51.67 and has been followed by a corrective decline (double zig-zag correction). This double zig-zag correction is now close to completion and is expected to complete near the 50% corrective target at 38.78 from where a new impulsive rally towards at least 62.58 is expected. 

The first strong indication of a bottom being in place, will be a break above minor resistance at 41.83, while a break above 43.74 will confirm the bottom is in place and a new impulsive rally is developing. 

If you like the above post and want more like it, then you should consider joining my service elliottwavesurfer.com. Click at the link and see, what I have to offer.  

No comments:

Post a Comment