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WTI (Crude Oil)

WTICO/USD - Will it reverse??Hello traders, WTICOUSD - Still in major downtrend for now. Look for the completion of the small correction pattern and then the bigger one, at which point we will wait to see whether it will correct and give us an impulse that breaks the trend to start an up move or gets rejected and falls back down to break the end of 2018 low target. If you would like me to forecast a specific pair that I have not covered, feel free to comment it down below! Please don’t forget to like & give me a follow if you like what you see. Thank you, Good luck
OANDA:WTICOUSDShort
by UnknownUnicorn852976
1
Oil - Zig Zag Correction to $32Between October 2017 and the beginning of 2019, we have seen a 5 wave move from the mid 70's to the low 40's. Any move that starts with a 5 wave move will end with and at least an equal 5 to complete what is called a Zig Zag pattern. The was a correction back to test the bottom of the previous wave. This didn't complete a 5 wave move, therefore this must be a 3 wave corrective move, which is the pattern that sits in the middle of a Zig Zag. An equal move for the top of the 3 wave pattern put the target for oil at $32. This is confirmed by the RSI failing to get over 60 and forming a double top formation. The entry begin the crossing of the RSI moving averages. We also saw a large move in the Composite Index, were price did not follow (purple arrow) and a divergence with the RSI giving weight to the analysis. Any time a indicator moves a great distance and price does not move, and your position is in the direction of the indicator, you are on the wrong side of the market. This target of $32 is very conservative, as some Zig Zag patterns can run to 1.618 % of the first 5 wave move. We won't see oil sit a this level for very long, as Zig Zag corrections are a quick and fast way for the market correct, before making a larger move higher.
OANDA:WTICOUSDShort
by TRADER-RI