As posted by a fellow EW technician Aibek a little while ago on Brent, WTI looks to be forming an ending diagonal.
The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started.
The 0.618 extension of wave 2/3 is at $43,07 and the 0.618 extension of wave 1/3 is at $43,97.
If it is an ending diagonal there could be a considerable fall once it completes.
The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started.
The 0.618 extension of wave 2/3 is at $43,07 and the 0.618 extension of wave 1/3 is at $43,97.
If it is an ending diagonal there could be a considerable fall once it completes.
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Little drop yesterday but still technically a rising wedge, the 4H macd is now bullish along with the divergence
