Crude Oil (WTI) Target $64.50 in post-triangle thrust wave C
Viewing the correction from September 2013 as a 5-wave impulsive decline:
Assuming the recent bottom was the low of impulsive wave 3, price is now rallying in corrective wave 4.
Wave 4 appears to be an A-B-C structure, and we are at the end of wave B which has developed as a contracting triangle. Assuming so, and if my triangle wave labeling (abcde) is correct, the slope of the triangle's trend lines projected back to the triangle's origin imply that there may be a post-triangle thrust up to around $64.50.
This is also a significant price point because it would represent that wave C of Wave 4 would be equal to 1.618 x wave A. Moreover, it would meet resistance of the downward spike seen in December 2014. More interesting though, is that it would mean that wave 4 equals wave 1.
Assuming the recent bottom was the low of impulsive wave 3, price is now rallying in corrective wave 4.
Wave 4 appears to be an A-B-C structure, and we are at the end of wave B which has developed as a contracting triangle. Assuming so, and if my triangle wave labeling (abcde) is correct, the slope of the triangle's trend lines projected back to the triangle's origin imply that there may be a post-triangle thrust up to around $64.50.
This is also a significant price point because it would represent that wave C of Wave 4 would be equal to 1.618 x wave A. Moreover, it would meet resistance of the downward spike seen in December 2014. More interesting though, is that it would mean that wave 4 equals wave 1.