$WTI - Market Analysis for Aug 17th, 2018

Aug 17, 2018 - 10:03 AM EDT

Crude continuing to bounce today suggests that wave (iii) of c already completed, and price is now in wave (iv). Unless resistance around here at 66.40 holds for wave (iv), we'll likely see overlap into wave (i) price territory on this bounce, forcing an ending diagonal count for the c-wave instead of an impulse. 67.21 is the ideal resistance to hold for wave (iv) in that case.

WTI A0-FX - Micro - Aug-17 0703 AM (2 hour)

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.

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