Crude oil, light sweet (WTI) Elliott Wave Forecasts
we observe that there is a bit of weakness prevailing in the crude and we expect it to continue till it reaches 32.00$ levels the duration for the activity is between 1-2 months and after that we expect a strong rally lifting it up towards higher levels.
CRUDE OIL MONTHLY FORECAST
one can easily identify that within the 5th wave, crude oil has completed waves 1 and 2 and the 3rd wave is an expanded wave which made crude oil plummeting to current levels ;we are strongly expecting a complex 4th wave retracement and which is to be continued by ending diagonal or normal 5th wave towards the attainment of target 32.00$.
we remain strongly bearish in concerned after the interim rally in wave 4.
The charts are intended to reflect the proper ideas and the labelings are done with utmost attention and care. There are two sections, one is long term outlook and the other is swing setup.
The long term outlook has analysis mentioned / carried out on monthly charts.
The swing set-ups are either displayed in weekly or daily time frames based on the trend's properties.
Each chart is individually commented for its actions and reactions.