Following is the weekly chart of WTI Crude since the bottom in February 2016. There are a few points of note here
- Move from 3 August 2016 till 19 August 2016 looks like an three wave structure. Whereas move from 20 September to 19 October looks like a 5 wave structure. As such the whole move becomes a three wave (a)-(b)-(c) corrective move.
- The top made in October was higher than the top in June. This rules out the possibility that move from August till October may be wave 2.
- In view of the above it seems like , the move down that started since 19 Oct 2016 may develop into an impulsive 5 wave structure to complete wave B/2.
- The other possibility is that the prices may consolidate in a triangle which started in June 2016. Waves a and b of the triangle being over and the current move is wave c of the triangle. After which waves d and e to complete the triangle. (This is not shown on the chart)
