Hello Traders,
today let`s check WTI (Texas Light sweet crude Oil) @ OANDA
At 66.466 WTI has probably endet a wave „2“ of Minor degree. Since that high, accompied by positive news, for higher prices still, the commoditiy is in a correction (minimum, or it is in the early stages of a massive decline.
I have been switching to the 45 min chart, to show my my interpretation of the pattern, that developed since the high @ 66.466!
The first wave down is possible to count as a „leading-diagonal“ that is calling for a massive change of trend and often get retraced arount the 0.786 Fibonacci. In this case it was just a Fibo of .618 and after finished a massive wave „iii“ sell off start to 62.167. After that a „w-x-y“-pattern occured as in a wave „iv“ and the last drop in a first impuls move down was sold to 59.98! Note how, nearly perfect, the Elliottbased trendchannel was followed by price.
So, if this count is working out, the next move is to the upside, within a wave „(ii) of Minuette degree. The target range is wide, from the possible wave ((4)) @ 62.437 to 63.988, a 0.618 Fibonacci of wave (i)!
After this amassive sell-off to new lows is next to occur.
Short-term it is possible, that wave ((A)) of a ZigZag-pattern is underway. We will judge this possibilitie about more clearness at chart.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
today let`s check WTI (Texas Light sweet crude Oil) @ OANDA
At 66.466 WTI has probably endet a wave „2“ of Minor degree. Since that high, accompied by positive news, for higher prices still, the commoditiy is in a correction (minimum, or it is in the early stages of a massive decline.
I have been switching to the 45 min chart, to show my my interpretation of the pattern, that developed since the high @ 66.466!
The first wave down is possible to count as a „leading-diagonal“ that is calling for a massive change of trend and often get retraced arount the 0.786 Fibonacci. In this case it was just a Fibo of .618 and after finished a massive wave „iii“ sell off start to 62.167. After that a „w-x-y“-pattern occured as in a wave „iv“ and the last drop in a first impuls move down was sold to 59.98! Note how, nearly perfect, the Elliottbased trendchannel was followed by price.
So, if this count is working out, the next move is to the upside, within a wave „(ii) of Minuette degree. The target range is wide, from the possible wave ((4)) @ 62.437 to 63.988, a 0.618 Fibonacci of wave (i)!
After this amassive sell-off to new lows is next to occur.
Short-term it is possible, that wave ((A)) of a ZigZag-pattern is underway. We will judge this possibilitie about more clearness at chart.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!