The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 76.75 with a target of 61.50 – 53.00. A sell signal: the level of 76.75 is broken to the downside. Stop Loss: above 77.50, Take Profit: 61.50 – 53.00.
- Alternative scenario: Breakout and consolidation above the level of 76.75 will allow the asset to continue rising to the levels of 81.00 – 87.40. A buy signal: the level of 76.75 is broken to the upside. Stop Loss: below 76.00, Take Profit: 81.00 – 87.40.
Main Scenario
Consider short positions from corrections below the level of 76.75 with a target of 61.50 – 53.00.
Alternative Scenario
Breakout and consolidation above the level of 76.75 will allow the asset to continue rising to the levels of 81.00 – 87.40.
Analysis
The 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, a correction is completed as the fourth wave of smaller degree iv of C and the fifth wave v of C has started to form on the daily time frame. On the H4 time frame, the first wave of smaller degree (i) of v is formed, and a local correction has started unfolding as wave (ii) of v. If the presumption is correct, WTI will continue falling to 61.50 – 53.00 after the correction is over. The level of 76.75 is critical in this scenario as a breakout will enable the price to continue growing to 81.00 – 87.40.
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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