WTI over the next few months, some ideas
Multiple layers of channels are shown, multiple wedges, hinged around EIA reports - other major unanticipated supply disruption or macro-economic news, such as Brexit, clearly would throw spanners into the works.
A few patterns to note.
1. Channels - regression
a. Major upward from February
b. Sub-Major sideways - call it May
c. Minor Near term channel from 6/27
2. Wedges shown in black.
- 3 small within 1 larger green outlined
3. Fibo on the May horizontal channel
7/6 - in reaction to supply risks dwindling, API report we will break out of wedge to test larger one to upside or downside - I anticipate odds are downside
7/7 If API tests 46.50 again, the EIA has the opportunity to complete the 3-drives and break the larger wedge to the upside, touching the top of the May channel at 52.5 over a week period.
Will watch this as it progresses and update if I can figure out how to update a published idea rather than keep publishing new updates!
A few patterns to note.
1. Channels - regression
a. Major upward from February
b. Sub-Major sideways - call it May
c. Minor Near term channel from 6/27
2. Wedges shown in black.
- 3 small within 1 larger green outlined
3. Fibo on the May horizontal channel
7/6 - in reaction to supply risks dwindling, API report we will break out of wedge to test larger one to upside or downside - I anticipate odds are downside
7/7 If API tests 46.50 again, the EIA has the opportunity to complete the 3-drives and break the larger wedge to the upside, touching the top of the May channel at 52.5 over a week period.
Will watch this as it progresses and update if I can figure out how to update a published idea rather than keep publishing new updates!