Thursday, April 16, 2020

Long Term WTI Counts Suggests Bottom Near

The Elliott Wave count I have on the long term monthly chart has very strong fib relationships and
structure suggesting a high probability low either at 19.55 or 18.25.

The chart reveals a pattern that can be described as either an ABCDE  declining triangle with the expected fib relationships between the legs, or alternately if the structure is a simple ABC the C = 50% of A at 19.55

click to enlarge

 While not shown on the above chart there is repeated Pos divergence on the RSI.