The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above 86.20 with a target of 105.17–115.50. A buy signal: the price holds above 86.20. Stop Loss: below 84.70, Take Profit: 105.17–115.50.
- Alternative scenario: Breakout and consolidation below 86.20 will allow the asset to continue declining to the levels of 79.25–67.00. A sell signal: the level of 86.20 is broken to the downside. Stop Loss: above 87.70, Take Profit: 79.25–67.00.
Main Scenario
Consider long positions from corrections above 86.20 with a target of 105.17–115.50.
Alternative Scenario
Breakout and consolidation below 86.20 will allow the asset to continue declining to the levels of 79.25–67.00.
Analysis
On the weekly chart, a descending correction (2) has likely finished and an ascending wave (3) is forming. On the daily time frame, the first wave of smaller degree 1 of (3) has apparently formed, a downward correction has been completed as the second wave 2 of (3), and wave 3 of (3) is developing, with wave i of 3 unfolding as its part. On the H4 time frame, wave (iii) of i is developing, with correction iv of (iii) completed and wave v of (iii) unfolding within it. If the presumption is correct, WTI will continue to rise to 105.17–115.50. The level of 86.20 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 79.25–67.00.
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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