WTI Crude to surge going ahead

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On Wednesday eve OPEC members and non members meet was scheduled to discuss on risk to oil investments. The low oil prices is  risk as investments would hamper in new supplies. There was no out put cuts in the meet.

Technically speaking, WTI crude oil prices are moving in a higher high and higher low formation after forming a low of $37.75. The current fall is just a reaction of main trend. As of no the trend is positive for Crude.

As per wave analysis, from the bottom till $49.32 marked on 31st August 2015, the entire formation was an impulse wave, which is marked as wave a. The following wave was a sideways movement and was then formed as a triangle pattern, marked as wave b. After completing wave b, prices moved higher and formed wave c at $50.13 on October 12, 2015. The entire three wave structure can be marked as wave a of one higher degree or (a-b-c) pattern. The following down leg can be wave x or wave b of one larger degree. We will closely monitor the movement in Crude to identify whether it is a double corrective or a-b-c pattern. After completing the down leg, prices are expected to soar. On downside prices can test the level of $44.

In short, expect prices to move down for short term at $44 per barrel  followed by resumption of an uptrend which can push prices higher near till $53 per barrel.

WTI Crude 60 mins


Disclaimer: Please do not circulate this report to Clients and others. The motive for this short term update was to make aware of various patterns and its implications and how it can be used for forecasting various asset classes. Do not trade on this update or take any positions based on the above mentioned view

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