WTI Crude to surge going ahead
On Wednesday eve OPEC members and non members meet was scheduled to discuss on risk to oil investments. The low oil prices is risk as investments would hamper in new supplies. There was no out put cuts in the meet. Technically speaking, WTI crude oil prices are moving in a higher high and higher low formation after forming a low of $37.75. The current fall is just a reaction of main trend. As of no the trend is positive for Crude. As per wave analysis, from the bottom till $49.32 marked on 31st August 2015, the entire formation was an impulse wave, which is marked as wave a. The following wave was a sideways movement and was then formed as a triangle pattern, marked as wave b. After completing wave b, prices moved higher and formed wave c at $50.13 on October 12, 2015. The entire three wave structure can be marked as wave a of one higher degree or (a-b-c) pattern. The following down leg can be wave x or wave b of one larger degree. We will closely monitor the movement in Cru