#USOIL # WTI analysis

This past week, the price gave us a hard time determining the peak of wave [B].

Nonetheless, when compared to last week's update below, the outlook remains on track.

I suppose we've just finished the predicted ABC zigzag in wave (Y), with wave A being an imperfectly shaped leading contracting diagonal and wave C being a nicely shaped ending expanding diagonal.

As mentioned last week, diagonals are tough to pin down. When there are two of them, one expanding in the end, it can be a nightmare for an Elliottwave trader (much alone a conventional one).

An indirect sign of the expanding diagonal is that by the conclusion of the week, even our team's perspectives on the market had diverged. Those who are not sure in Elliotwaves began looking at imminent bullish possibilities, fearful of missing out.

That is exactly how expanding diagonals would feel: destabilising the trading community and driving the great majority down the cliff.

Having said that, our scenario is simply a scenario and must be confirmed in the next week. 🤞