WTI Screams Sideways

This is a difficult chart to analyze from an Elliott Wave perspective. Dating from back in early June the successive legs ALL look increasingly corrective, including the move down to yesterdays low.

The WTI HAS reversed from an important target, 74.96, after a triple series of abc's up. Pls see WTI Heads for Fresh Highs in Final Move .

The move down from that point however, has SO FAR, lacked the clean 5 wave acceleration that could be expected of a major collapse following an 8 mo. corrective rally.

Please note the support found at the .76 retrace on the Oct chart , corresponding to a .618 retrace on the spot mo. chart. This contract needs to take yesterdays low out and overlap 67.50 soon to keep a "top is in " reading intact.

The WTI correlation with Equities and the USD might suggest another attempt at the highs in some continuation of a wedge pattern. Both the USD and SP charts allow for that possibility. They are inconclusive SO FAR, but like WTI they COULD have a pivot in , and fresh highs (lows) will be minimal if made.

WTI has been a tough market for everybody except those trading short term, scaling in against a move and then willing to take profits quickly. Just the opposite of most day trading technique.

After years of giant trending moves this may be what the future looks like.

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