Main scenario: after correction ends, consider short positions below the level of 87.75 with a target of 67.60 – 57.00.
Alternative scenario: breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00.
Analysis: supposedly, a downward correction continues developing as second wave of larger degree (2) on the daily chart, with wave С of (2) unfolding as its part. Apparently, an ascending correction is completed as second wave of smaller degree ii of C on the H4 time frame, and the third wave iii of С is unfolding. On the H1 time frame, the first wave of smaller degree (i) of iii is formed and a local correction is presumably nearing completion as second wave (ii) of iii, within which wave c of (ii) is nearing completion. If the presumption is correct, the WTI price is expected to drop to the levels of 67.60 – 57.00 after correction ends. The level of 87.75 is critical in this scenario as a breakout will allow the asset to continue rising to the levels of 94.00 – 100.00.
Price chart of USCRUDE in real time mode
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