WTI Crude Oil: Elliott Wave Analysis and Forecast for 08.11.24 – 15.11.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 77.75 with a target of 61.50 – 53.60. A sell signal: the price holds below 77.75. Stop Loss: above 78.20, Take Profit: 61.50 – 53.60.
  • Alternative scenario: Breakout and consolidation above the level of 77.75 will allow the asset to continue rising to the levels of 83.75 – 87.17. A buy signal: the level of 77.75 is broken to the upside. Stop Loss: below 77.40, Take Profit: 83.75 – 87.17.

Main Scenario

Consider short positions from corrections below the level of 77.75 with a target of 61.50 – 53.60.

Alternative Scenario

Breakout and consolidation above the level of 77.75 will allow the asset to continue rising to the levels of 83.75 – 87.17.

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. On the H4 time frame, a local correction has formed as the fourth wave (iv) of iii, and the fifth wave (v) of iii is unfolding, with a local corrective wave ii of (v) nearing completion as its part. Upon its completion, if the presumption is correct, the WTI asset will continue falling to 61.50 – 53.60. The level of 77.75 is critical in this scenario as a breakout will enable the price to continue growing to 83.75 – 87.17.



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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