WTI Crude Oil: Elliott wave analysis and forecast for 12.08.2022 – 19.08.2022

Main scenario: consider long positions from corrections above the level of 88.40 with a target of 103.85 – 115.90.

Alternative scenario: breakout and consolidation below the level of 88.40 will allow the asset to continue declining to the levels of 83.77 – 69.28.

Analysis: apparently, the first wave of larger degree (1) continues developing on the daily chart, with wave 3 of (1) formed inside. A downward correction is presumably completed on the H4 chart as the fourth wave 4 of (1), with wave c of 4 developed as its part. Apparently, the fifth wave 5 of (1) started developing on the H1 chart, with the first counter-trend wave of smaller degree (i) of i of 5 forming as its part. If the presumption is correct, the asset’s price will continue to rise to the levels of 103.85 – 115.90. The level of 88.40 is critical in this scenario as a breakout will enable the price to continue declining to the levels of 83.77 – 69.28.

Price chart of USCRUDE in real time mode

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