Main scenario: consider short positions from corrections below the level of 98.29 with a target of 69.28 – 54.60.
Alternative scenario: breakout and consolidation above the level of 98.29 will allow the asset to continue rising to the levels of 115.90 – 131.65.
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 С is developing on the H1 chart, with wave (iii) of i forming inside. If the presumption is correct, the price will continue falling to the levels of 69.28 – 54.60. The level of 98.29 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 115.90 – 131.65.
Price chart of USCRUDE in real time mode
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