Consolidation Capt At 60.65; Fllor Opened To 21.02 | $WTIC
Friends,
Predictive/forecasting model suggests a limited upside with a potential retracement target and cap as follows:
1 - TG-Hi = 56.79 - 04 FEB 2015, representing a low-probability, high-reversibility target
and
2 - 60.75 -- 04 FEB 2015, representing a "terminal velocity" capping value.
The taut value in RSI at 4.8489 corresponded to the recent nadir in price at 43.56. At this point, one would expect a recoiling of RSI back to its 30-line. Were to to occur, there would not necessarily be a proportionate range traveled by price, as bears are likely to continue weighing on price action in a way that may correspond to the Model's defined target overhead.
In fact, a higher low in RSI value would be sufficient to throw price to a lower-low value, at a level that would correspond to the model's target-low at 21.02 - This nominal target carries a low-probability attainment, but high-reversibility potential, if and once reached.
This overall price action is similarly anticipated in the
BRENT's chart, posted recently with its own bearish target - See analysis/forecast here:
- tradingview.com/v/uf5FCOxC/ .
It now seems quite a distant past when last year, I offered this forecast off of a Wolfe Wave:
- tradingview.com/v/hfUhOukh/.
OVERALL:
USOIL is caught within a bearish impulse, given a probable respite in the form of a consolidation. Model anticipates a capped reaction to levels defined in the chart, with a lingering bearish bias until the vicinity of 21.02 is reached - At which point, it will be time to re-evaluate the true reversibility nature of this nominal target.
Stay tuned,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
4xForecaster
Linked-In:
David Alcindor
-----
Predictive/forecasting model suggests a limited upside with a potential retracement target and cap as follows:
1 - TG-Hi = 56.79 - 04 FEB 2015, representing a low-probability, high-reversibility target
and
2 - 60.75 -- 04 FEB 2015, representing a "terminal velocity" capping value.
The taut value in RSI at 4.8489 corresponded to the recent nadir in price at 43.56. At this point, one would expect a recoiling of RSI back to its 30-line. Were to to occur, there would not necessarily be a proportionate range traveled by price, as bears are likely to continue weighing on price action in a way that may correspond to the Model's defined target overhead.
In fact, a higher low in RSI value would be sufficient to throw price to a lower-low value, at a level that would correspond to the model's target-low at 21.02 - This nominal target carries a low-probability attainment, but high-reversibility potential, if and once reached.
This overall price action is similarly anticipated in the
BRENT's chart, posted recently with its own bearish target - See analysis/forecast here: - tradingview.com/v/uf5FCOxC/ .
It now seems quite a distant past when last year, I offered this forecast off of a Wolfe Wave:
- tradingview.com/v/hfUhOukh/.
OVERALL:
USOIL is caught within a bearish impulse, given a probable respite in the form of a consolidation. Model anticipates a capped reaction to levels defined in the chart, with a lingering bearish bias until the vicinity of 21.02 is reached - At which point, it will be time to re-evaluate the true reversibility nature of this nominal target.Stay tuned,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
4xForecaster
Linked-In:
David Alcindor
-----
Note
28 JUL 2016 - Chart Update:Best,
David Alcindor, CMT Affiliate #227974
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.