The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 73.20 with a target of 65.00 – 61.50. A sell signal: the price holds below 73.20. Stop Loss: above 74.00, Take Profit: 65.00 – 61.50.
- Alternative scenario: Breakout and consolidation above the level of 73.20 will allow the asset to continue rising to the levels of 80.70 – 87.40. A buy signal: the level of 73.20 is broken to the upside. Stop Loss: below 72.30, Take Profit: 80.70 – 87.40.
Main Scenario
Consider short positions from corrections below the level of 73.20 with a target of 65.00 – 61.50.
Alternative Scenario
Breakout and consolidation above the level of 73.20 will allow the asset to continue rising to the levels of 80.70 – 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, the corrective fourth wave of smaller degree iv of C is completed and the fifth wave v of C is forming on the daily time frame. On the H4 time frame, the third wave of smaller degree (iii) of v is formed, and a local correction is ending as the fourth wave (iv) of v. Upon its completion, if the presumption is correct, WTI will continue to fall to 65.00 – 61.50. The level of 73.20 is critical in this scenario as a breakout will enable the price to continue growing to 80.70 – 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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