WTI Crude Oil: Elliott wave analysis and forecast for 02.09.22 – 09.09.22

Main scenario: consider short positions from corrections below the level of 98.40 with a target of 69.28 – 54.40.

Alternative scenario: breakout and consolidation above the level of 98.40 will allow the asset to continue rising to the levels of 104.15 – 115.90.

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a downside correction is unfolding as the second wave (2). Waves A of (2) and B of (2) are presumably formed on the H4 chart, and wave C of (2) has started developing. Apparently, the first counter-trend wave of smaller degree (i) of i of С is developing on the H1 chart. If this assumption is correct, the asset’s price will continue to fall to the levels of 69.28 – 54.40. The level of 98.40 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 104.15 – 115.90.

Price chart of USCRUDE in real time mode

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