WTI and Elliott Counts

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 WTI 4 hour chart


Analysis

As seen in the above chart, prices which were moving in a falling channel, opened with a gap up after OPEC+ committed to cut the Crude Output. After a gap up opening on last Monday, prices not only broke the falling channel formation but also have reversed the trend of the Crude Oil prices.

But looking at the current structure, prices are in highly overbought terrain and can relieve from current levels which can give additional vacuum to prices to climb back higher.

As per Wave theory, I was wrong in opening Double correction pattern and instead I opened Wave A of on higher degree lower and opened Wave B of one higher degree higher. At present it is moving in wave a of wave B and can move higher but minutely if you see, there is a high chance it can dip close to $77.50 levels before climbing back up. However any move above $82 levels will make the price reach till 84 levels followed by $88 levels.

The summation is if WTI Crude Oil prices dip towards $77.70-$76.00 levels then it is buying opportunity which can later soar prices towards $82.00 followed by $84.00. The level of $88 will be the intermediate top and will be a time consuming as well.

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