WTI Crude Oil: Elliott Wave Analysis and Forecast for 22.11.24 – 29.11.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 72.50 with a target of 61.50 – 53.60. A sell signal: the price holds below 72.50. Stop Loss: above 73.00, Take Profit: 61.50 – 53.60.
  • Alternative scenario: Breakout and consolidation above the level of 72.50 will allow the asset to continue rising to the levels of 77.90 – 83.75. A buy signal: the level of 72.50 is broken to the upside. Stop Loss: below 72.00, Take Profit: 77.90 – 83.75.

Main Scenario

Consider short positions from corrections below the level of 72.50 with a target of 61.50 – 53.60.

Alternative Scenario

Breakout and consolidation above the level of 72.50 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 is unfolding on the H4 time frame, with wave iii of (v) continuing 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 72.50 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

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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    Silver Faces Turning Point Amid US Dollar Surge. Forecast as of 30.07.2025

    30Jul.202513:44 The strengthening US dollar suggests that the bullish trend in the XAGUSD pair may be coming to an end. Silver’s recent rally was largely driven by strong investment demand…

    Short-Term Analysis for BTCUSD, XRPUSD, and ETHUSD for 30.07.2025

    Dear readers, I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.  The article covers the following subjects: Major Takeaways BTCUSD: The correction is…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Silver Faces Turning Point Amid US Dollar Surge. Forecast as of 30.07.2025

    • July 30, 2025
    Silver Faces Turning Point Amid US Dollar Surge. Forecast as of 30.07.2025

    24/5 Trading? eToro Should Be Cautious of Tech Limits – Just Ask Robinhood

    • July 30, 2025
    24/5 Trading? eToro Should Be Cautious of Tech Limits – Just Ask Robinhood

    B2BROKER and Nullpoint Partner to Integrate B2COPY Copy Trading Solution

    • July 30, 2025
    B2BROKER and Nullpoint Partner to Integrate B2COPY Copy Trading Solution

    Short-Term Analysis for BTCUSD, XRPUSD, and ETHUSD for 30.07.2025

    • July 30, 2025
    Short-Term Analysis for BTCUSD, XRPUSD, and ETHUSD for 30.07.2025