It looks like WTI has completed its counter trend forth (4) wave rally and has started its final (fifth (5) wave) leg down.
The move up has unfolded as a Elliott Wave complex W-X-Y- correction, where W and Y are about equal in length in the direction of price, so the structure appears to be complete. Wave X has unfolded as a Elliott Wave triangle. Also the steep and abrupt drop speaks for the start of the fifth wave.
Fifth wave typically take the price beyond the end of third wave, which is at $26.05. Lower levels is a potential.
However the drop down has not showed confirmation to be a five wave structure as of yet, which is needed to be sure for a larger move down. Any move above $63,40 will void this interpretation and an other leg up will follow.
The move up has unfolded as a Elliott Wave complex W-X-Y- correction, where W and Y are about equal in length in the direction of price, so the structure appears to be complete. Wave X has unfolded as a Elliott Wave triangle. Also the steep and abrupt drop speaks for the start of the fifth wave.
Fifth wave typically take the price beyond the end of third wave, which is at $26.05. Lower levels is a potential.
However the drop down has not showed confirmation to be a five wave structure as of yet, which is needed to be sure for a larger move down. Any move above $63,40 will void this interpretation and an other leg up will follow.