WTI Crude is preparing for a Wave (3) rally towards 39.00
WTI Crude [price action since 19.25 lows could be seen a a classic example of the Wave Principle. The rally between 19.25 and 29.11 was in 5 waves, Wave (1) on charts. The subsequent drop has been corrective flat (3-3-5), labelled as A-B-C. Also, the correction looks to be complete at 21.64, Wave (2) on charts. A break above the 24.00 handle would be encouraging for bulls as it would confirm that Wave (3) rally is underway. Alternately, a break below 21.64 remains possible but support should come in around 21.40. The structure remains constructive for bulls until prices hold above 19.25 lows.
Strategy:
Long against 19.25, targeting 39.00 and higher.
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Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long against 19.25, targeting 39.00 and higher.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.