WTI Crude Oil: Elliott wave analysis and forecast for 26.08.2022 – 02.09.2022

Main scenario: consider long positions from corrections above the level of 87.05 with a target of 104.15 – 115.90.

Alternative scenario: breakout and consolidation below the level of 87.05 will allow the asset to continue declining to the levels of 80.00 – 69.28.

Analysis: apparently, the first wave of larger degree (1) continues developing on the daily chart, with wave 3 of (1) formed inside. On the H4 chart, apparently, a descending correction has finished developing as the fourth wave 4 of (1), and the fifth wave 5 of (1) started forming. The first counter-trend wave of smaller degree (i) of i of 5 is presumably developing on the H1 chart, with a local correction developing as wave iv of (i) inside. If the presumption is correct, the asset’s price will continue to rise to the levels of 104.15 – 115.90 following the correction. The level of 87.05 is critical in this scenario as a breakout will enable the price to continue declining to the levels of 80.00 – 69.28.

Price chart of USCRUDE in real time mode

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