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
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Hello everyone, WTI is going as planned... Note the purple line... Fascinating! Take care, tgo
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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
Very good chart. The buying pressure illustrated by the 1W Channel Up that made a Higher Low at 64.40, is still supporting. Technically it is a long term uptrend: