The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 60.03 with a target of 80.70 – 87.75. A buy signal: the price holds above 60.03. Stop Loss: below 59.50, Take Profit: 80.70 – 87.75.
- Alternative scenario: breakout and consolidation below the level of 60.03 will allow the pair to continue declining to the levels of 52.80 – 45.00. A sell signal: the level of 60.03 is broken to the downside. Stop Loss: above 60.60, Take Profit: 52.80 – 45.00.
Main scenario
Consider long positions from corrections above the level of 60.03 with a target of 80.70 – 87.75.
Alternative scenario
Breakout and consolidation below the level of 60.03 will allow the asset to continue declining to the levels of 52.80 – 45.00.
Analysis
The descending correction appears to have formed as the second wave of larger degree (2) on the weekly chart, with wave С of (2) completed as its part. On the daily time frame, the third wave (3) has started unfolding, with the first counter-trend wave of smaller degree i of 1 of (3) forming as its part. Wave (iii) of i is developing on the H4 time frame. If the presumption is correct, WTI will continue to rise to the levels of 80.70 – 87.75. The level of 60.03 is critical in this scenario as a breakout will enable the price to continue falling to the levels of 52.80 – 45.00.
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
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