Crude for the Week August 11-15 - Rakesh Chandra

One EOD basis, crude is on W3 down wave, which is near completion. The W4 upwave, a consolidation, is on the cards in the coming days. In the intermediate timeframe, an upward move in crude cannot be ignored. Any decline would be a buying opportunity.

Upwave (4-5) WUT3: 5,330;
Upwave (2-3) WUT2: 5,205;
Upwave (0-1) WUT1: 5,003.

Price is bullish above weekly pivot point 4,877.64 and price is bearish below weekly pivot point 4800.36.

The weekly lower targets are as follows:

Down wave (0-1) WLT1: 4,675;
Down wave (2-3) WLT2: 4,473;
Down wave (4-5) WLT3: 4,348.