WTI Oil - New Highs to Come?
It is incredibly difficult to analyse this commodity fundamentally so let's see what technical analysis may suggest?
Technical Analysis (Elliott Waves):
This is quite complex scenario so it needs to be monitored against all the rules of Ending Diagonal.
What do you think about WTI Oil and its short term prospects?
Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves.
Thanks
Educational post on Ending Diagonal
Technical Analysis (Elliott Waves):
- Since the sharp fall of March 2020 it is likely that we are observing the development of a global zig-zag ABC
- Five waves of the first impulse A completed in July 2021
- Wave B took shape of a complex Running Correction WXY finishing in November 2021
- And since then we can see formation of another impulse in wave C
- Waves 1 to 3 of this impulse culminating in March 2022 are quite clear which have been followed by a flat correction in the shape of Double Threes WXY
- The crux of the analysis is developing right now when the price started moving in a very choppy way
- The previous scenario still stands and it is very likely that we are observing development of an Ending Diagonal in wave 5 (see educational post below about the structure of this wave)
- Waves 1-3 have formed and we can expect correction of wave 4 to last at least until end of June / fist week of July to the level of $103, followed by the last zigzag to top the high of $129
This is quite complex scenario so it needs to be monitored against all the rules of Ending Diagonal.
What do you think about WTI Oil and its short term prospects?
Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves.
Thanks
Educational post on Ending Diagonal
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.