WTI OIL, Weekly - time for a rebound
In our previous analysis, we mentioned key levels near 161,8 Fibo expansion where also the target for a head and shoulders pattern has been set. Precisely in this chart, the price has bounced back near these levels fulfilling an Elliott wave impulse structure.
We may clearly see that the recent drop consists of five waves. As a consequence currently we could expect a rebound which should at least could consist of three waves labeled as abc.
The potential resistance for wave a is located at 29,14 USD. When it is finished the market could create another wave in corrective structure - wave b with potential support at 20 USD. After that, the market may create another upward wave - c.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
We may clearly see that the recent drop consists of five waves. As a consequence currently we could expect a rebound which should at least could consist of three waves labeled as abc.
The potential resistance for wave a is located at 29,14 USD. When it is finished the market could create another wave in corrective structure - wave b with potential support at 20 USD. After that, the market may create another upward wave - c.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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