The article covers the following subjects:
Major Takeaways
Main scenario: Consider short positions from corrections below the level of 60.15 with a target of 53.50 – 45.00. A sell signal: the price holds below 60.15. Stop Loss: above 61.00, Take Profit: 53.50 – 45.00.
Alternative scenario: Breakout and consolidation above the level of 60.15 will allow the asset to continue rising to the levels of 66.20 – 70.00. A buy signal: the level of 60.15 is broken to the upside. Stop Loss: below 59.70, Take Profit: 66.20 – 70.00.
Main scenario
Consider short positions from corrections below the level of 60.15 with a target of 53.50 – 45.00.
Alternative scenario
Breakout and consolidation above the level of 60.15 will allow the asset to continue rising to the levels of 66.20 – 70.00.
Analysis
A descending correction (2) appears to continue forming on the weekly chart, with wave C of (2) developing as its part. On the daily time frame, a bullish correction iv of C appears to have formed, and wave v of C is developing. The third wave of smaller degree (iii) of v of C is presumably unfolding on the H4 time frame, with wave v of (iii) forming within. If the presumption is correct, WTI will continue to drop to 53.50 – 45.00. The level of 60.15 is critical in this scenario as a breakout above it will enable the price to continue growing to the levels of 66.20 – 70.00.
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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