As expected in the last post (check weekly chart in the Related ideas), WTI dropped over 10% from May top. Since then, it is just moving side ways.
The upward channel is forming, and its angle is not as sharp as that of the preceding decline suggesting that this upward movement is a mere correction.
From the channel lines and Fibonacci retracement level, we can guess the price may go a 67.5 in a week or so (it is not necessary to go there before the next decline, though).
If everything goes according to the scenario, WTI then will resume its fall to about USD 59:
(1) Equality between wave (A) and wave (C) : 58.9
(2) February low support area: around 59
If the price reaches 68.5-69 area, the current wave interpretation may be changed.
More charts can be found at www.white6intelligence.com
The upward channel is forming, and its angle is not as sharp as that of the preceding decline suggesting that this upward movement is a mere correction.
From the channel lines and Fibonacci retracement level, we can guess the price may go a 67.5 in a week or so (it is not necessary to go there before the next decline, though).
If everything goes according to the scenario, WTI then will resume its fall to about USD 59:
(1) Equality between wave (A) and wave (C) : 58.9
(2) February low support area: around 59
If the price reaches 68.5-69 area, the current wave interpretation may be changed.
More charts can be found at www.white6intelligence.com
