WTI Crude Oil: Elliott wave analysis and forecast for 16.08.24 – 23.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: once a correction forms, consider short positions below the level of 83.93 with a bearish target of 67.10 – 53.60. A sell signal: after the price returns below 83.93. Stop Loss: above 85.00, Take Profit: 67.10 – 53.60.
  • Alternative scenario: breakout and consolidation above the level of 83.93 will allow the asset to continue rising to the levels of 94.10 – 100.00. A buy signal: after the level of 83.93 is broken to the upside. Stop Loss: below 82.50, Take Profit: 94.10 – 100.00.

Main scenario

Consider short positions below the level of 83.93 with a target of 67.10 – 53.60 once a correction is completed.

Alternative scenario

Breakout and consolidation above the level of 83.93 will allow the asset to continue rising to the levels of 94.10 – 100.00.

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 has formed on the daily chart, with a second corrective wave ii of C currently unfolding. The waves (a) of ii and (b) of ii have developed, and the wave (c) of ii is underway. If the presumption is correct, WTI will continue falling to 67.10 – 53.60 after the corrective wave ii of C ends. The level of 83.93 is critical in this scenario as a breakout will allow the price to continue growing to the levels of 94.10 – 100.00.



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. 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 2004/39/EC.

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This post is originally published on LITEFINANCE.

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