Due to sanctions on Iran and Venezuela, attacks on Saudi- and UAE-owned oil tankers and US/China trade talks, the WTI had a big drop.

The POC zone 60.00-60.80 could be a turning point for the WTI after a possible correction. However, traders should also pay attention to 59.27 and 59.81 as the price could also stall there. If the rejection happens watch for 58.15, 57.84 and 57.03. However, the correction is needed so the POC zone should ideally be the best zone for new sellers. Have in mind that today is Friday so we will probably see the limited profit taking around London noon and around London close that might spur additional momentum in the pair.

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The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.


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