WTI - Waiting for the break of ending diagonal triangles
Updated
Commodities: WTI
Frequency: Daily/Weekly
Predicted Direction: Long (Long-term)
Ending Diagonal Triangles from Jun 2015 is nearly finished, which belongs to the downside impulse wave (5) of the cycle corrective wave "b" from July 2008. The Diagonal Triangle comprised the 5- inner wave with the ABC pattern as a contracting wedge and it seems the ending sequence is coming soon.
WTI is expected to rise when the price breaks through the upper triangle boundaries and target at the price of 57.50. If the price can stand steady above the upper green trend line then WTI is able to test for the next potential resistance line of 62.56, combining the level of May 2015 High and 61.8% Fib)
Frequency: Daily/Weekly
Predicted Direction: Long (Long-term)
Ending Diagonal Triangles from Jun 2015 is nearly finished, which belongs to the downside impulse wave (5) of the cycle corrective wave "b" from July 2008. The Diagonal Triangle comprised the 5- inner wave with the ABC pattern as a contracting wedge and it seems the ending sequence is coming soon.
WTI is expected to rise when the price breaks through the upper triangle boundaries and target at the price of 57.50. If the price can stand steady above the upper green trend line then WTI is able to test for the next potential resistance line of 62.56, combining the level of May 2015 High and 61.8% Fib)
Note
Note
Note
Break the Diagonal Triangles. If the price finds support above the green uptrend line then I will expect oil will above to test for higher level in the end of 2017
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