WTI could be in wave (C), which undfolds now within an ending diagonal.
It already reached the 1.414 of wave (A).
The wave 5 should complete it.
Then the drop is expected, which first should break below trendline support.
The final confirmation is below wave 4 of (C) under 13.19
The structure of the drop will show whether it will be a retest of the low or the joint correction.
It already reached the 1.414 of wave (A).
The wave 5 should complete it.
Then the drop is expected, which first should break below trendline support.
The final confirmation is below wave 4 of (C) under 13.19
The structure of the drop will show whether it will be a retest of the low or the joint correction.
Note
the map has changedY already 61.8% of W
RSI shows highly overbought reading
Order cancelled
The structure changed as initial bullish idea for ukoil played out well
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.