WTI (CRUDEOIL) – Believe it or not: still preparing for 80+!
Updated
Hello everyone,
When looking at the chart, we see a zone of strong support, because WTI was coming back three times to this level (between 63.60$ and 68.60$). So, we have two possibilities…
Scenario 1 (black line) - chance: 75%
WTI has built two strong 1-2 elliott-wave-setups (blue in brackets and brown-beige): the blue box in the chart above is the buying zone for the rise to 80$ in the first step (end of wave 3, blue in brackets) and later on even 90$. I think we have a good chance, that WTI will rise up now (again).
BUT: be careful, because wave ii (brown-beige) has space on the downside to around 64.41$ technically. It is possible that wave ii is straining our nerves! So, keep an eye on this.
Scenario 2 (red line) - chance: 35%
WTI is falling under 64.40$ and later 63.57$. If so, we will see a sell-off to around 62$/57$, and then we have to adapt the wave count that way shown in the chart below.
The alternative wave count:
The high at 72.88$ was a 3, but one wave degree higher (purple in brackets alt.(3)). If so, we are in an A-B-C (cyan) corrective pattern to complete wave C (cyan) of 4 (purple in brackets). Please keep this in mind when placing an order.
Take care,
tgo
When looking at the chart, we see a zone of strong support, because WTI was coming back three times to this level (between 63.60$ and 68.60$). So, we have two possibilities…
Scenario 1 (black line) - chance: 75%
WTI has built two strong 1-2 elliott-wave-setups (blue in brackets and brown-beige): the blue box in the chart above is the buying zone for the rise to 80$ in the first step (end of wave 3, blue in brackets) and later on even 90$. I think we have a good chance, that WTI will rise up now (again).
BUT: be careful, because wave ii (brown-beige) has space on the downside to around 64.41$ technically. It is possible that wave ii is straining our nerves! So, keep an eye on this.
Scenario 2 (red line) - chance: 35%
WTI is falling under 64.40$ and later 63.57$. If so, we will see a sell-off to around 62$/57$, and then we have to adapt the wave count that way shown in the chart below.
The alternative wave count:
The high at 72.88$ was a 3, but one wave degree higher (purple in brackets alt.(3)). If so, we are in an A-B-C (cyan) corrective pattern to complete wave C (cyan) of 4 (purple in brackets). Please keep this in mind when placing an order.
Take care,
tgo
Trade active
Hello everyone,WTI is going as planned... Note the purple line... Fascinating!
Take care,
tgo
Note
Hello everyone,we should not loose sight of that!
Since my last update WTI has made another 4$ and I think we are still good to go for 80$+...
Take care,
tgo
HK-Capital-Management
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