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As posted by a fellow EW technician Aibek a little while ago on Brent, WTI looks to be forming an ending diagonal .
The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started.
The 0.618 extension of wave 2/3 is at $43,07 and the 0.618 extension of wave 1/3 is at $43,97.
If it is an ending diagonal there could be a considerable fall once it completes.
The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started.
The 0.618 extension of wave 2/3 is at $43,07 and the 0.618 extension of wave 1/3 is at $43,97.
If it is an ending diagonal there could be a considerable fall once it completes.
Comment:
Little drop yesterday but still technically a rising wedge, the 4H macd is now bullish along with the divergence
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