The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 72.72 with a target of 85.00 – 94.97. A buy signal: the price holds above 72.72. Stop Loss: below 72.00, Take Profit: 85.00 – 94.97.
- Alternative scenario: Breakout and consolidation below the level of 72.72 will allow the pair to continue declining to the levels of 66.15 – 61.50. A sell signal: the level of 72.72 is broken to the downside. Stop Loss: above 73.50, Take Profit: 66.15 – 61.50.
Main Scenario
Consider long positions from corrections above the level of 72.72 with a target of 85.00 – 94.97.
Alternative Scenario
Breakout and consolidation below the level of 72.72 will allow the asset to continue declining to the levels of 66.15 – 61.50.
Analysis
The descending correction appears to continue forming as the second wave of larger degree (2) on the weekly chart, with wave B of (2) developing as its part. Wave b of B appears to have formed on the daily time frame, and wave с of В has started developing. The first wave of smaller degree (i) of c is unfolding on the H4 time frame. If this assumption is correct, WTI will continue to climb to 85.00 – 94.97. The level of 72.72 is critical in this scenario as a breakout will enable the price to continue falling to the levels of 66.15 – 61.50.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USCRUDE in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
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