WTI Crude log chart suggests that a major bottom might have formed around 19.00 handle or could be close to forming. Larger degree wave structure forming a classic Elliott Wave Pattern (5 waves up followed by 3 waves down), and might have terminated around 19.00. If the log scale chart presented here remains valid, a swift rally could be seen, pushing prices towards 65.00 resistance in the next several weeks. Note that Wave C, within the A-B-C drop might have unfolded as a combination w-x-y.
Strategy:
Long against 18.00, targeting 65.00.
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.
Strategy:
Long against 18.00, targeting 65.00.
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.