WTI Crude Oil and Elliott Wave Analysis

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 WTI Crude Oil 4 hour chart


Analysis

As seen in the above chart, prices broke the crucial support of $74.90 and tumbled further towards $73.80 levels. It seems that prices are moving in a positive formation as it is moving precisely in a rising red channel. Within this red channel, prices corrected from the highs of $85 till $73.80 levels in a falling channel as seen in the above chart. 

There are cluster of supports near to this levels, first is the red channel support. Second is 61.8% of wave iii. Third the territory of wave i where wave iv cant overlap. RSI has also exhibited positive divergence indicating that the downfall is over or on the brink to complete.

From Waves perspective, prices are on the verge to complete wave iv in a zigzag pattern and retraced 61.8% of wave iii. There is a high possibility for the price to bounce from current levels towards $85.00-$85.50 levels over short term.

The summation is WTI Crude Oil can move higher towards $85.00-85.50, once the level of $76.50 is taken out on the higher side.

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