WTI Daily - EW analysis - 20.01.2018
If the count is correct then WTI is in the 5th of the big 3rd wave, right now building the small correction wave 2 of 5
Because of the lengths of the 1st wave (of 5) it looks like price is working on an extended 5th wave. Which makes sense if the big 3rd has the target around the 161% fibo extension level.
Short term the marked could retrace until the 60$ zone then turning back into trend direction and building a strong 3rd wave of 5.
If we get a daily close under 55$ this count does not make sense any more.
Because of the lengths of the 1st wave (of 5) it looks like price is working on an extended 5th wave. Which makes sense if the big 3rd has the target around the 161% fibo extension level.
Short term the marked could retrace until the 60$ zone then turning back into trend direction and building a strong 3rd wave of 5.
If we get a daily close under 55$ this count does not make sense any more.
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