The article covers the following subjects:
Key takeaways
- Main scenario: consider short positions from corrections below the level of 84.80 with a target of 72.30 – 67.60. A sell signal: after the level of 84.80 is broken. Stop Loss: 86.50, Take Profit: 67.60.
- Alternative scenario: breakout and consolidation above the level of 84.80 will allow the asset to continue rising to the levels of 90.95 – 95.25. A buy signal: after the level of 84.80 is broken. Stop Loss: 83.00, Take Profit: 95.25.
Main scenario
Consider short positions from corrections below the level of 84.80 with a target of 72.30 – 67.60.
Alternative scenario
Breakout and consolidation above the level of 84.80 will allow the asset to continue rising to the levels of 90.95 – 95.25.
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. Apparently, 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 currently unfolding. On the H1 time frame, a local correction has formed as the second wave (ii) of iii, and the third wave (iii) of iii has begun developing. If the presumption is correct, the WTI will continue to drop to the levels of 72.30 – 67.60. The level of 84.80 is critical in this scenario as a breakout will allow the price to continue growing to the levels of 90.95 – 95.25.
Price chart of USCRUDE in real time mode
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