The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 67.08 with a target of 85.00 – 94.97. A buy signal: the price holds above 67.08. Stop Loss: below 66.50, Take Profit: 85.00 – 94.97.
- Alternative scenario: Breakout and consolidation below the level of 67.08 will allow the pair to continue declining to the levels of 61.50 – 53.00. A sell signal: the level of 67.08 is broken to the downside. Stop Loss: above 67.50, Take Profit: 61.50 – 53.00.
Main Scenario
Consider long positions from corrections above the level of 67.08 with a target of 85.00 – 94.97.
Alternative Scenario
Breakout and consolidation below the level of 67.08 will allow the asset to continue declining to the levels of 61.50 – 53.00.
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. Apparently, wave b of B has finished forming on the daily time frame, while wave с of В is still in progress. The H4 time frame shows that the first wave of smaller degree (i) of c is formed, and the local correction is nearing completion as the second wave (ii) of c. If the presumption is correct, WTI will continue to rise to the levels of 85.00 – 94.97 after the correction ends. The level of 67.08 is critical in this scenario as a breakout will enable the price to continue falling to the levels of 61.50 – 53.00.
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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