WTI Crude Oil- Wave iii to start?

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 WTI Crude Oil 4 hour chart


Analysis

As seen in the above chart, I was of the opinion that prices will move down and test the level of $69-68 levels but it seems that prices are not going to do that. Prices have completed the range bound move and has the probability of breaking the range on the higher side which can take prices higher.

From Waves perspective, prices completed wave ii in the form of failure and there is high possibility that wave iii will be fast on the upside which can go towards $81.38 levels followed by $82.00 levels.

The summation is WTI Crude Oil is positively poised and can move higher from current levels towards $81.38-82.00 levels over short term.

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