WTI after touching an intraday low of 27.34, it rebounded to an intraday high of 34.87.
Looking at the 15-Minute interval candlestick chart, WTI has only 3 waves in this uptrend movement, which is bearish. It is very likely only a rebound to be followed by another 5 waves down.
Looking at the Monthly candlestick chart, the candlestick for March has the possibility of reaching an intra-month low of 22.50 before ending the month of March at 30.00 level.
In the 2008/2009 lows, there were 3 monthly candlesticks with long shadows staying below the monthly closing trendline. In the 2016 lows there were 2 monthly candlesticks with similar long shadows.
For the current low, I would expect a minimum of 2 monthly (March and April) candlestick with long shadows touching an intra-month low of around 22.50 before closing the month at 30.00 and above.
Dow (23,851)
My reading for Dow remained the same as my previous posting. A more optimistic scenario is a 25% mega wave (2) correction.
The worst that can happen is a 50% super wave VIII correction.
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