US Oil Bullish - Next Target 61

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.

ความคิดเห็น:

The WTI traced out a triangle, which we’ve forecasted here throughout the last few weeks. The triangle pattern finished on December 14th. WTI is right now in a post triangle thrust to the upside, which will complete subminuette wave v.

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.

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ความคิดเห็น:

+11.33%