WTI (Crude Oil) – Bearish Sequence – Rising Channel

TVC:USOIL   CFDs on WTI Crude Oil
WTI ( Crude Oil             ) enjoyed a magnificent rise in prices ever since summer 2017, as per the previously posted CRUDE-OIL-WTI – Bullish Primary C- Long Term article.

The Rally consists of an Impulsive Sequence which from the Elliott Wave perspective would signal more room for the up-side. However, a Retracement is required for the Cycle to continue.

Impulsive Bullish Swing has been labeled as Intermediate (A) (green) and as it can be seen, after it completed, the Corrective Pattern commenced in the beginning of 2018.

From a technical standpoint, the Corrective Pattern would suggest a possible Bearish outcome as the most likely next swing.

Intermediate (B) Correction (green) has been classified / labeled as a Double Three, which is developing within a Rising Channel and possibly awaiting important Fibonacci levels before a possible Bearish outcome.


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