The article covers the following subjects:
Highlights and key points
- Main scenario: consider short positions from corrections below the level of 83.33 with a target of 72.30 – 67.60. A sell signal: after the level of 83.33 is broken. Stop Loss: 85.00; Take Profit: 67.60.
- Alternative scenario: breakout and consolidation above the level of 83.33 will allow the asset to continue rising to the levels of 90.95 – 95.25. A buy signal: after the level of 83.33 is broken. Stop Loss: 82.00; Take Profit: 95.25.
Main scenario
Consider short positions from corrections below the level of 83.33 with a target of 72.30 – 67.60.
Alternative scenario
Breakout and consolidation above the level of 83.33 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, the third wave iii of С is forming on the H4 chart, with a corrective wave (ii) of iii completed and wave (iii) of iii forming inside. The third wave of smaller degree iii of (iii) is forming on the H1 chart. If the presumption is correct, the WTI will continue to drop to 72.30 – 67.60. The level of 83.33 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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