This is in continuation of the WTI crude analysis done on 30/4/2015 (here) and on 16/8/2015 (here). Prices have moved as foreseen. Now going forward the chart is analyzed, since the medium term top made at around 114 in May 2011. The two probable wave counts are shown on the weekly chart (chart 1) in red and blue.
Short term the trend shown on the 5 hour chart (chart 2) seems to have turned bullish and will likely remain so unless any bearish counts start to develop.
Long term there are several possible counts which can be taken separately.
The main thing here is that the short term bottom seems to have formed at the current low of 37.75. This may turn out be a medium and even long term bottom, as the move up develops. In view of this long positions taken in oil/ oil stocks on any dips going forward provide a good risk/reward ratio.
chart 1
chart 2
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