WTI Crude and Wave counts

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 WTI Crude Oil 4 hour chart


Analysis

From the above chart, WTI Crude Oil prices are moving lower after a sharp appreciation is prices till $74 levels. Prices are now down by almost $4 from its high and has closed above the falling trend line and taken support of 38.2% of the previous rise. At present it is near to the confluence zone and can shown signs of reversal in next week. However, a break below $70 will open the possibility of 50% which comes to $68.70 levels and a move above $71.80 levels will resume the uptrend.

I have already mentioned that prices can test the level of $84-85 levels which will be my final target to capture the upmove.

As per Wave theory, prices are moving in a counter wave which is wave ii. As of now it is difficult to say if wave ii is over or not, but it is near crucial support as mentioned above. Any move above $71.80 will open the possibility that wave ii is over and wave iii has started on the higher side.

The summation is WTI Crude Oil prices is at potent support and can move higher from current levels. A move above $71.70 can take prices higher till $79.67 levels over short term and $84-85 over medium term. Failure to protect the level of $70 will open the possibility of $68.70 followed by $65.80.

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