Old Analysis (30/4/2015) - WTI Crude Oil Futures

The following is the Monthly chart of WTI Crude Oil Futures price. The analysis is done for the dowtrend starting from the Jul 2008 top made at 147.

 

The weekly chart shows the probable wave counts dowtrend from the Apr/ May 2011 top made around 116. The main counts are in red and blue and the alternate count is in Green.

The five hourly chart shows the upmove since the bottom made around 44.

Conclusion

The upmove that started at 44 on 18th March looks impulsive in nature. This looks like a C wave of larger degree 4th wave (of wave C) or the first wave of the larger degree (C) wave. In either case once all the five waves of this 5 wave upmove is complete, there should be a deep correction, which would be a good opportunity to buy oil and related stocks. Also in view of the uncertainity in regards to whether the oil has made a bottom at 44, it is best to sell any current holdings upon completion of this 5 wave upmove, with a view to buy on correction.