WTI Oil Uptrend Critical Levels, Elliot Wave Analysis for Profit
WTI oil has been on an upward trend for eight consecutive days, gaining as much as 5.50-6% since its lowest price. The current trend is expected to continue into next week, with recent sideways movement in a 1-hour time frame. The Elliot Wave Pattern shows impulse and correction visible on the chart. Traders should watch the critical levels of 78.70 for selling and 77.00 for buying.
Although the trend remains healthy, a breakdown may occur upon completion and retracement of the wave. It's important to remain vigilant and monitor the market closely. Another possible scenario is a continuation of another wave, but this seems unlikely due to stronger resistance at the 80.20 level. For more updates and analysis, follow my account and feel free to share your thoughts and ideas to make our trading journey more successful. By collaborating and sharing knowledge, we can all potentially profit from the opportunities in the market.
Although the trend remains healthy, a breakdown may occur upon completion and retracement of the wave. It's important to remain vigilant and monitor the market closely. Another possible scenario is a continuation of another wave, but this seems unlikely due to stronger resistance at the 80.20 level. For more updates and analysis, follow my account and feel free to share your thoughts and ideas to make our trading journey more successful. By collaborating and sharing knowledge, we can all potentially profit from the opportunities in the market.
Comment:
It hit the Higher Low (HL) before going back to the center of the trendline.