Consolidation Capt At 60.65; Fllor Opened To 21.02 | $WTIC
Friends,
Predictive/forecasting model suggests a limited upside with a potential retracement target and cap as follows:
1 - TG-Hi = 56.79 - 04 FEB 2015, representing a low-probability, high-reversibility target
and
2 - 60.75 -- 04 FEB 2015, representing a "terminal velocity" capping value.
The taut value in RSI at 4.8489 corresponded to the recent nadir in price at 43.56. At this point, one would expect a recoiling of RSI back to its 30-line. Were to to occur, there would not necessarily be a proportionate range traveled by price, as bears are likely to continue weighing on price action in a way that may correspond to the Model's defined target overhead.
In fact, a higher low in RSI value would be sufficient to throw price to a lower-low value, at a level that would correspond to the model's target-low at 21.02 - This nominal target carries a low-probability attainment, but high-reversibility potential, if and once reached.
This overall price action is similarly anticipated in the $Brent's chart, posted recently with its own bearish target - See analysis/forecast here:
-
.
It now seems quite a distant past when last year, I offered this forecast off of a Wolfe Wave:
-
OVERALL:
$USOil is caught within a bearish impulse, given a probable respite in the form of a consolidation. Model anticipates a capped reaction to levels defined in the chart, with a lingering bearish bias until the vicinity of 21.02 is reached - At which point, it will be time to re-evaluate the true reversibility nature of this nominal target.
Stay tuned,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
@4xForecaster
Linked-In:
David Alcindor
-----
Predictive/forecasting model suggests a limited upside with a potential retracement target and cap as follows:
1 - TG-Hi = 56.79 - 04 FEB 2015, representing a low-probability, high-reversibility target
and
2 - 60.75 -- 04 FEB 2015, representing a "terminal velocity" capping value.
The taut value in RSI at 4.8489 corresponded to the recent nadir in price at 43.56. At this point, one would expect a recoiling of RSI back to its 30-line. Were to to occur, there would not necessarily be a proportionate range traveled by price, as bears are likely to continue weighing on price action in a way that may correspond to the Model's defined target overhead.
In fact, a higher low in RSI value would be sufficient to throw price to a lower-low value, at a level that would correspond to the model's target-low at 21.02 - This nominal target carries a low-probability attainment, but high-reversibility potential, if and once reached.
This overall price action is similarly anticipated in the $Brent's chart, posted recently with its own bearish target - See analysis/forecast here:
-
It now seems quite a distant past when last year, I offered this forecast off of a Wolfe Wave:
-
OVERALL:
$USOil is caught within a bearish impulse, given a probable respite in the form of a consolidation. Model anticipates a capped reaction to levels defined in the chart, with a lingering bearish bias until the vicinity of 21.02 is reached - At which point, it will be time to re-evaluate the true reversibility nature of this nominal target.
Stay tuned,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
@4xForecaster
Linked-In:
David Alcindor
-----
Comment:
28 JUL 2016 - Chart Update:
Best,
David Alcindor, CMT Affiliate #227974
Best,
David Alcindor, CMT Affiliate #227974
Related Ideas
$UKOil versus $USOil - Relative strength chart continues towards the 0.92 forecast:
Best,
David Alcindor, CMT Affiliate #227974
- Alias: 4xForecaster (Twitter)