WTI set to move to higher prices

26 Sep 2017

Monthly

• Pitch fork using the 3 pivots of 2008/07/01, 2009/01/01, and 2013/08/01
  
• Starting 2015/01/01, median line provided price support and for next 10 months
  
• Next parallel supported price including the line based on lower pivot [C]
  
• With price failing to continue to lower parallel after breaking through median line, there is an 80% possibility that price will move to upper parallel [B]
  
• This would be in the 74.0x area and also in alignment with the line drawn through the median line of the down sloping pitch fork [A]
  
• TSI and RSI have both diverged with price off of the 2016/02/01 low [D]
  

Weekly


Based on ADX moving below 20, price has been in consolidation since 2016/08/01 [G]

• Consolidation is either that of a channel or ascending triangle [F]
  
• The weekly pitch fork's median line has been tested by price 3 different times [E]
  
• TSI has moved above 0 and has turned up last 3 weeks with price
  

Daily
Modified Schiff


regular Pitch fork


Two options of pitch forks; modified schiff and regular pitch fork.

• Looking at modified schiff, the median line provided support/resistance to price for 6 days. The line drawn from upper pivot provided solid support for price this week [H]
  
• All indicators are bullish
  
• Price was in consolidation based on ADX but does look to have broken out [I]
  
• Alt. option of regular pitch fork provides more upside on price.
  

3 Nov 2017

Nota

Weekly price latest view on pitch forks with monthly pitch fork (red down sloping) included. Price setting up to break out of the 50's to upside. long term projected flow of price follows blue arrows.