WTI has completed a 3-wave move forming the WXY structure between mid June to early August; and price has since pushed lower from the high of 50.41 to the recent low at 46.48.
According to our analysis, the price of WTI has been developing in a corrective nature since the recent low was established. This gives us the reason to believe that there is a very high probability that price can still make one more low before any potential up move.
While price may not reach our expected target, we will not be rushing into longing WTI at the moment. Short term wise, we would prefer to stick with the sell side on WTI.
According to our analysis, the price of WTI has been developing in a corrective nature since the recent low was established. This gives us the reason to believe that there is a very high probability that price can still make one more low before any potential up move.
While price may not reach our expected target, we will not be rushing into longing WTI at the moment. Short term wise, we would prefer to stick with the sell side on WTI.
Comment:
Update on Oil. A pull back towards 47.23 area will present another good opportunity to look for one more move lower.
Comment:
Price has pulled back towards the key area. As long as price remains below the trend line structure, we have a higher probability in seeing price moving one more move to the downside.