Short Term Oil Price Trend
Published 13th December 2017
WTI crude oil started a bullish trend in June 2017. We forecast further upside in the crude oil complex. The WTI oil price has been moving sideways since one month. It may have traced out a triangle. The move from the 24th November top looks complex, which is typical for a C-wave of a triangle.
The entire trend shows 9 waves to the upside from the starting point of the trend in June 2017. There is a wave overlap within the first 3 waves to the upside however. The conclusion to this is that we need to see at least 2 more up swings until we can count the uptrend in WTI oil complete.
WTI encounters around 60.50-61.50 some significant support and resistance levels. We’ll closely watch how it behaves around that area.
Long Term Oil Price Trend
Published 9th November 2017 & validated 13th December 2017
Price action has been exciting over the past couple of decades. WTI increased 15-fold from its levels in the late 90’s and had two magnificent crashes thereafter. We see crude oil to behave further in a complex manner. Mid term our elliott wave analysis projects significant upside from the 2016 lows.
Long term there may be another few decades with crude oil in a trading range between $25 and $150. The sideways pattern makes also fundamental sense in a time when electric cars are waiting for their breakthrough and gas or alternative fuels compete with crude oil as an energy source.