WTI-CRUDE-OIL is completing the Complex Minor WXY (red) Corrective Structure for the Intermediate (B) (light blue).
Please see our Long-Term Analysis for a hawk-eye view.
Minor Y (red) bounced off the Support at 45-44.00 Levels, which are also 100% Fibonacci Extensions of Minors W &X (red).
WTI-CRUDE-OIL is finalizing Minor Y (red) with a 5 Wave Minute Sequence (blue).
Minute V (blue) unfolded with a 161.8% FIbonacci Extension from Minutes III & IV (blue).
Price Action is forming a Corrective Pattern (Flag) in a Descending Channel which is most likely about to be Breached on the up-side.
WTI-CRUDE-OIL – Short-Medium Term – BUY Position:
Entry – 45.60
SL – 43.50
TP – 55.00
* Safety Measures:
– When in the green, move SL to break-even or in profit.
– If Conservative, wait for Bullish Breach and then a Flag Formation on the Channel