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

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.

Rate this article:

{{value}} ( {{count}} {{title}} )

LEAVE A COMMENT

Your email address will not be published.