WTI Crude Oil: Elliott wave analysis and forecast for 26.07.24 – 02.08.24

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

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

    Solana vs Ethereum: Which Blockchain Leads in Performance and Adoption?

    The platform for developing decentralized applications, Solana, which emerged in the middle of 2020, was dubbed the “Ethereum killer” in the media. However, after over three years, the platform has…

    Pound Declines Amid BoE Rate Cut Talk. Forecast as of 24.07.2025

    Risk Warning: Trading on financial markets carries risks. Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high level of risk since…

    Leave a Reply

    Your email address will not be published.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

    You Missed

    Australia’s CFD Broker Mitrade Adds Apple Pay and Google Pay to Appeal to Gen Z Traders

    • July 24, 2025
    Australia’s CFD Broker Mitrade Adds Apple Pay and Google Pay to Appeal to Gen Z Traders

    Australian CFD Broker Mitrade Adds Apple Pay and Google Pay to Appeal to Gen Z Traders

    • July 24, 2025
    Australian CFD Broker Mitrade Adds Apple Pay and Google Pay to Appeal to Gen Z Traders

    Tariff Tangles: How Import Taxes Inflate Your Bills and Shake Up Your Trades

    • July 24, 2025
    Tariff Tangles: How Import Taxes Inflate Your Bills and Shake Up Your Trades

    RBI Buying Gold Instead of Dollar: What It Means for the Rupee?

    • July 24, 2025
    RBI Buying Gold Instead of Dollar: What It Means for the Rupee?