WTI Crude Oil: Elliott wave analysis and forecast for 05.07.24 – 12.07.24

The article covers the following subjects:

Key takeaways

  • Main scenario: Consider short positions below the level of 87.75 with a target of 67.60 – 57.00 once a correction is completed. A sell signal: after the level of 87.75 is broken. Stop Loss: 90.00, Take Profit: 57.00.
  • Alternative scenario: Breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00. A buy signal: after the level of 87.75 is broken. Stop Loss: 85.00, Take Profit: 100.00.

Main scenario

Consider short positions below the level of 87.75 with a target of 67.60 – 57.00 once a correction is completed.

Alternative scenario

Breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00.

Analysis

A descending correction appears to continue forming on the daily chart as the second wave of larger degree (2), with wave С of (2) developing as its part. An ascending correction has formed on the H4 time frame as the second wave of smaller degree ii of C, and the third wave iii of С is unfolding. On the H1 time frame, the first wave of smaller degree (i) of iii has developed, and a local correction is nearing completion as the second wave (ii) of iii, within which wave c of (ii) is presumably ending. Upon its completion, if the presumption is correct, the WTI asset will continue falling to 67.60 – 57.00. The level of 87.75 is critical in this scenario as a breakout will allow the price to continue growing to the levels of 94.00 – 100.00.



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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This post is originally published on LITEFINANCE.

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