Crude Oil (WTI) lost approx. $120 per barrel in value from 2008’s Recession until February 2016 when it finally gained Support around the 27.00 Levels.
The Bullish Structure leaves room to state that Crude Oil (WTI) could be trading within a Complex Structure as well.
Bullish Sequence on Crude Oil (WTI) from the February 2016 lows and until January 2017 highs, has been Labeled as the Primary Wave W (purple), with a Running Flat in Intermediate (B) (green) and an Ending Diagonal in Intermediate (C) (green).
The 6 months of Bearish Correction which followed, has been labeled as a Double Three Pattern in Primary X (purple).
From June 2017 up until January 2018 Crude Oil (WTI) resumed the Bullish Cycle and unfolded a sustained Rally in Intermediate (A) (green), presenting an Extension in the Minor C (light blue) sub-wave.
Intermediate (B) (green) Corrective Structure started with February 2018, with what appears to be a Complex Minor Degree WXY (red) Pattern. Within this Structure, Minor X (red) surpassed the end of Intermediate (A) (green) and the start of Minor W (red), getting Resistance at the 100% Fibonacci Extensions of Primary W & X (purple). In doing so, it would lead Intermediate (B) (green) to be labeled either as a Running Flat or as an Expanded Flat type of Corrective Structure.
In a Running Flat scenario, Minor Y (red) would not surpass the end of Minor W (red) and could find its end at or around the 60.50 Levels, where the 61.8% Fibonacci Extension of Primary W & X (purple) is located. In an Expanded Flat Scenario, Minor Y (red) would surpass the end of Minor W (red) and could find its end at or around the 54.50 Levels, where the 50% Fibonacci Retracement of Intermediate (A) (green) is located.
In a Bearish scenario, if the Expanded Flat 54.50 Levels would also be broken, then this could leave Crude Oil (WTI) in a bearish zone, with a potential to reach 45.00 Levels.
The preferred scenario would be the Running Flat, which would leave 60.50 as the levels in focus. Should Crude Oil (WTI) be able to gain Support there, then this would leave the overall pattern in the Bullish Intermediate (C) (green) position, which would be expected to be sustained and even present an Extension.
In a scenario where Intermediate (C) (green) would present the extension, Crude Oil (WTI) could rally towards 80.00 Levels but could also reach 90.00 or even 100.00 Levels.
The Bullish Structure leaves room to state that Crude Oil (WTI) could be trading within a Complex Structure as well.
Bullish Sequence on Crude Oil (WTI) from the February 2016 lows and until January 2017 highs, has been Labeled as the Primary Wave W (purple), with a Running Flat in Intermediate (B) (green) and an Ending Diagonal in Intermediate (C) (green).
The 6 months of Bearish Correction which followed, has been labeled as a Double Three Pattern in Primary X (purple).
From June 2017 up until January 2018 Crude Oil (WTI) resumed the Bullish Cycle and unfolded a sustained Rally in Intermediate (A) (green), presenting an Extension in the Minor C (light blue) sub-wave.
Intermediate (B) (green) Corrective Structure started with February 2018, with what appears to be a Complex Minor Degree WXY (red) Pattern. Within this Structure, Minor X (red) surpassed the end of Intermediate (A) (green) and the start of Minor W (red), getting Resistance at the 100% Fibonacci Extensions of Primary W & X (purple). In doing so, it would lead Intermediate (B) (green) to be labeled either as a Running Flat or as an Expanded Flat type of Corrective Structure.
In a Running Flat scenario, Minor Y (red) would not surpass the end of Minor W (red) and could find its end at or around the 60.50 Levels, where the 61.8% Fibonacci Extension of Primary W & X (purple) is located. In an Expanded Flat Scenario, Minor Y (red) would surpass the end of Minor W (red) and could find its end at or around the 54.50 Levels, where the 50% Fibonacci Retracement of Intermediate (A) (green) is located.
In a Bearish scenario, if the Expanded Flat 54.50 Levels would also be broken, then this could leave Crude Oil (WTI) in a bearish zone, with a potential to reach 45.00 Levels.
The preferred scenario would be the Running Flat, which would leave 60.50 as the levels in focus. Should Crude Oil (WTI) be able to gain Support there, then this would leave the overall pattern in the Bullish Intermediate (C) (green) position, which would be expected to be sustained and even present an Extension.
In a scenario where Intermediate (C) (green) would present the extension, Crude Oil (WTI) could rally towards 80.00 Levels but could also reach 90.00 or even 100.00 Levels.
