Short-Term Oil Elliott Wave Analysis
Published 19th September 2018
The outlook for crude remains bullish. WTI and brent are probably at an early stage of a break out. Most often critical levels get retested as the breakout gets confirmed. The solid black line shows the possible test path for the WTI contract. The US WTI contract is on the first chart below whereas Brent is on the second chart below.
The most important exercise is to focus now on the question: when are we proven wrong? We do not want to see the yellow cluster and the pale blue trend channel invalidated to the downside on the brent contract. Moreover, the solid red line, which is depicted in the WTI chart is important as well. That’s a trend channel support from the very bottom that WTI crude recorded in early 2016. A break of that support seriously questions for any further upside potential on a cyclical degree.
All in all, we remain bullish an die crude complex. However, we have to let wave structure unfold at this point and do its work.
The analysis above is a historical abstract of our WTI Crude Premium Analysis. Subscribers can access multiple timeframes, which are not displayed on this page.