The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 68.75 with a target of 91.80–105.17. A buy signal: the price holds above 68.75. Stop Loss: below 67.00, Take Profit: 91.80–105.17.
- Alternative scenario: Breakout and consolidation below the level of 68.75 will allow the asset to continue declining to the levels of 65.00–60.45. A sell signal: the level of 68.75 is broken to the downside. Stop Loss: above 70.50, Take Profit: 65.00–60.45.
Main Scenario
Consider long positions from corrections above the level of 68.75 with a target of 91.80–105.17.
Alternative Scenario
Breakout and consolidation below the level of 68.75 will allow the asset to continue declining to the levels of 65.00–60.45.
Analysis
On the weekly chart, a descending correction (2) of larger degree has formed, with wave C of (2) completed as its part. On the daily time frame, an ascending wave (3) is developing. Within it, wave 1 of (3) of smaller degree has formed, and a downward correction has unfolded as wave 2 of (3). On the 4-hour chart, wave 3 of (3) is developing. If the presumption is correct, WTI will continue to increase to the levels of 91.80–105.17. The level of 68.75 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 65.00–60.45.
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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