The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 64.80 with a target of 52.80 – 45.00. A sell signal: the price rebounds from 64.80 to the downside. Stop Loss: above 66.00, Take Profit: 52.80 – 45.00.
- Alternative scenario: Breakout and consolidation above the level of 64.80 will allow the asset to continue rising to the levels of 72.20 – 80.70. A buy signal: the level of 64.80 is broken to the upside. Stop Loss: below 63.50, Take Profit: 72.20 – 80.70.
Main scenario
Consider short positions from corrections below the level of 64.80 with a target of 52.80 – 45.00.
Alternative scenario
Breakout and consolidation above the level of 64.80 will allow the asset to continue rising to the levels of 72.20 – 80.70.
Analysis
A 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. On the daily time frame, the third wave of the smaller degree iii of C continues to develop. On the 4-hour chart, the local correction has completed as the fourth wave (iv) of iii, and the fifth wave (v) of iii is unfolding. If the presumption is correct, WTI will continue to drop to the levels of 52.80 – 45.00. The level of 64.80 is critical in this scenario as a breakout will enable the price to continue growing to 72.20 – 80.70.
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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