Before we get into next year, short term the WTI has a good deal of upside risk to between $48 and $54, with $51.50 being my favorite cluster of resistance/ and a measured target for a 4th wave. Hourly click to enlarge A leg up from todays low equal to the first leg up, targets 49, also the .618 retrace. Daily Click to enlarge This chart is updated with my Elliott count, excuse my idiosyncratic labeling. You will see that the range of the 4th wave of a lesser degree target is encompassed by the gray box. That range might be expected to be reached according to Elliott,. If the count above is correct, than another low is yet to be put in to complete a 5 wave count down impulse wave I or A. Targeting rules for a 5th wave are either that it will be equal to the 1st wave or .618 of waves 1 thru 3. Diagonal triangle 5th rules do not come into play here, at least at this degree and at this time. The initial wave 1 down off the highs was truncated and is no
Showing posts from December, 2018
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Time to revisit the my Elliott Wave count and it's implications. Daily Note the peak volume at the -3- of (3). There were a lot of 1,2's and as we write this only one of the sub-waves has been completed on 11/29 at 49.41 If this is the correct count, then there will be at least 2 more lower lows put in, (5) and 5, before a significant rally can develop. Hourly It is still unclear whether the current consolidating structure above 50 is completed yet, but I think it has a little more to go on the upside to finish up a c for the (4) wave. Meaning the "hour is getting late". Weekly Ultimately the spectre of a test of the 26.10 lows is going to be under review as lower lows are put in and the .618 retrace of the entire move up is put to the test as support. Addendum; the .618 retrace referred to above is actually at 45.50. The fib retrace points were off a little in that chart.