WTI crude oil started a bullish trend in June 2017. We forecast further upside in the crude oil complex. The WTI oil price has been moving sideways since one month. It may have traced out a triangle. The move from the 24th November top looks complex, which is typical for a C-wave of a triangle.
The entire trend shows 9 waves to the upside from the starting point of the trend in June 2017. There is a wave overlap within the first 3 waves to the upside however. The conclusion to this is that we need to see at least 2 more up swings until we can count the uptrend in WTI oil complete.
WTI encounters around 60.50-61.50 some significant support and resistance levels. We’ll closely watch how it behaves around that area.
The entire trend shows 9 waves to the upside from the starting point of the trend in June 2017. There is a wave overlap within the first 3 waves to the upside however. The conclusion to this is that we need to see at least 2 more up swings until we can count the uptrend in WTI oil complete.
WTI encounters around 60.50-61.50 some significant support and resistance levels. We’ll closely watch how it behaves around that area.
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Bình luận:
+11.33%
We forecast followthrough to the upside for the next days ahead. Subminuette waves one and three progressed roughly 16% and 18% respectively. A fibonacci 61.8% wave relationship should carry the current swing at least into the 61-63 area before minute wave iii° is complete.