WTI crude oil, a major move underway

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arbusers
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WTI crude oil, a major move underway
« on: December 23, 2017, 05:45:42 PM »
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A well designed channel dictated the price of crude oil since July. We are now witnessing an ending  triangle that will force the price to move violently and in the end brake the channel. Unfortunately, at this point it is not obvious which direction will be dominant. If it goes upwards then a target around 76$ will be possible. That could be triggered by a geopolitical event. If it goes down the channel will brake with a first support at 52.5$.
Notice that we observe an uptrend at the end of each year, mainly because of the Winter in the northern hemisphere and because of December that always comes with significant consumption of power for a number of reasons.
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CharlieSheen99
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Re: WTI crude oil, a major move underway
« Reply #1 on: April 12, 2018, 07:18:25 PM »
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Yesterday oil touched maximums since 2014.
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arbusers
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Re: WTI crude oil, a major move underway
« Reply #2 on: April 14, 2018, 07:58:12 PM »
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Wave 3 is now equal to wave 1 and according to Elliot Wave theory there is a big possibility that we see lower prices. Wave 4 can't overlap wave 1 and could be equal to wave 2 or 0.618 of wave 2.
The overall situation helps for this scenario with summer coming soon and a fiasco attack in Syria yesterday.

Possible end of wave 3.001.jpeg


* Possible end of wave 3.001.jpeg (220.5 kB, 1024x768 - viewed 255 times.)
« Last Edit: April 14, 2018, 08:02:03 PM by Arbusers » Logged
arbusers
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Re: WTI crude oil, a major move underway
« Reply #3 on: May 07, 2018, 08:07:45 AM »
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Short positions should be closed now as WTI continues higher.
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CharlieSheen99
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Re: WTI crude oil, a major move underway
« Reply #4 on: May 09, 2018, 01:39:40 AM »
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I hope that recent news could change future prices.
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CharlieSheen99
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Re: WTI crude oil, a major move underway
« Reply #5 on: March 30, 2020, 12:15:27 AM »
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Prices close to 20$

Right now, almost everyone is losing money extracting petroleum.

It doesn't make too much sense.
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