The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 70.68 with a target of 61.50 – 53.00. A sell signal: the level of 70.68 is broken to the downside. Stop Loss: above 71.50, Take Profit: 61.50 – 53.00.
- Alternative scenario: Breakout and consolidation above the level of 70.68 will allow the asset to continue rising to the levels of 80.70 – 87.40. A buy signal: the level of 70.68 is broken to the upside. Stop Loss: below 69.80, Take Profit: 80.70 – 87.40.
Main Scenario
Consider short positions from corrections below the level of 70.68 with a target of 61.50 – 53.00.
Alternative Scenario
Breakout and consolidation above the level of 70.68 will allow the asset to continue rising to the levels of 80.70 – 87.40.
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. Apparently, a correction is completed as the fourth wave of smaller degree iv of C and the fifth wave v of C is in progress on the daily time frame. On the H4 time frame, the first wave of smaller degree (i) of v is formed, the local correction is completed as the second wave (ii) of v, and the third wave (iii) of v continues unfolding. If the presumption is correct, WTI will continue to drop to the levels of 61.50 – 53.00. The level of 70.68 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
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. 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 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
{{value}} ( {{count}} {{title}} )
This post is originally published on LITEFINANCE.
