venckusarunas

WTI medium term corrective pattern

FX:USOIL   Crude Oil (WTI)
Oil             is in the middle of medium term Elliott wave 4 corrective range (flat) pattern. As the wave (a) unfolded in to 3 ( abc ) pattern it have high probability to be the ranged 3-3-5 pattern with a possible break out up side in the last wave (c) to reach at least Fibonacci retracement level 38.2%.
As the previous time periods and Fibonacci time extensions match in close range it is possible for medium term corrective wave 4 to end near March 7-8d.
As the corrective pattern of wave 4 is mostly hard to predict the best would be to wait for it to end and look for beginning of the Elliott wave 5 pattern signs.
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