The article covers the following subjects:
Highlights and key points
- Main scenario: consider short positions on corrections below the level of 72.13 with a target of 61.50 – 53.60. A sell signal: if the price holds below 72.13. Stop Loss: above 73.50, Take Profit: 61.50 – 53.60.
- Alternative scenario: breakout and consolidation above the level of 72.13 will allow the asset to continue rising to the levels of 77.50 – 83.75. A buy signal: once the level of 72.13 is broken to the upside. Stop Loss: below 70.80, Take Profit: 77.50 – 83.75.
Main scenario
Consider short positions on corrections below the level of 72.13 with a target of 61.50 – 53.60.
Alternative scenario
Breakout and consolidation above the level of 72.13 will allow the asset to continue rising to the levels of 77.50 – 83.75.
Analysis
A descending correction appears to continue forming on the weekly chart as the second wave of larger degree (2), with wave С of (2) developing as its part. Apparently, the first wave of smaller degree i of С is formed, and a correction is completed as second wave ii of С on the daily time frame; the third wave iii of C is currently unfolding. On the H4 time frame, wave (iii) of iii has formed, and a local correction has ended as wave (iv) of iii. Wave (v) of iii is currently developing. If the presumption is correct, the WTI asset will continue falling to 61.50 – 53.60. The level of 72.13 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 77.50 – 83.75.
Price chart of USCRUDE in real time mode
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