The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 71.56 with a target of 61.50 – 53.60. A sell signal: the price holds below 71.56. Stop Loss: above 72.00, Take Profit: 61.50 – 53.60.
- Alternative scenario: Breakout and consolidation above the level of 71.56 will allow the asset to continue rising to the levels of 77.90 – 83.75. A buy signal: the level of 71.56 is broken to the upside. Stop Loss: below 71.10, Take Profit: 77.90 – 83.75.
Main Scenario
Consider short positions from corrections below the level of 71.56 with a target of 61.50 – 53.60.
Alternative Scenario
Breakout and consolidation above the level of 71.56 will allow the asset to continue rising to the levels of 77.90 – 83.75.
Analysis
A descending correction appears to continue forming as the second wave of larger degree (2) on the weekly chart, with wave С of (2) developing as its part. Apparently, the first wave of smaller degree i of С is formed, a correction is completed as the second wave ii of С, and the third wave iii of C is developing on the daily time frame. The fifth wave (v) of iii continues unfolding on the H4 time frame, with wave iii of (v) developing as its part. If the presumption is correct, WTI will continue to drop to the levels of 61.50 – 53.60. The level of 71.56 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 77.90 – 83.75.
Price chart of USCRUDE in real time mode
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