WTICOUSD 4.85% decline ahead. Those who have been following my analysis have seen that I make my predictions using various mathematical model calculations. These include wave techniques , fractal techniques and ATR based calculations. My current analysis is a pure ATR based calculation. We start from the basic theory that the formation of a double wave sequence is given by the percentage size of the ATR of the previous wave sequence. Currently, a double downward wave sequence may be forming in the price movement of WTI. The size of the ATR decline during the first wave sequence is given. Our assumption is that the size of the second wave now forming is equal to the percentage size of the first wave sequence falling ATR. The percentage size of the first wave phase is 7.46% Therefore, we expect the size of the next falling wave to be 7.46%. Target price : 61.28 usd Note : ATR can be measured on different trading terminals. There are many indicators from which data can be used to extract the ATR size. Almost any indicator that uses average value data in its underlying mathematics is suitable.
It really does everything to not fall In another down turn as technical indicator seems to be overstretched. It did brake the lower trading range for a moment and right up to recovery we goes.
meszaros
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@mikeUkTrading, Thank you for your comments. Yes. I wouldn't expect a bigger drop either. A correction of a few dollars from this level could start. This could be helped by a temporary strengthening of the dollar. In my opinion, the dollar could also go into a temporary corrective strengthening.
mikeUkTrading
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@meszaros, Agree. Waiting for the clear PUT buy point from this level.
Bobyknow33
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It is correct is looks like a double mitigation and then is a bearish move! Thanks
meszaros
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@Bobyknow33, Thank you for your comment. Good luck.