The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above 94.85 with a target of 107.00–115.50. A buy signal: the price holds above 94.85. Stop Loss: below 93.35, Take Profit: 107.00–115.50.
- Alternative scenario: Breakout and consolidation below 94.85 will allow the asset to continue declining to the levels of 86.10–79.25. A sell signal: the level of 94.85 is broken to the downside. Stop Loss: above 96.35, Take Profit: 86.10–79.25.
Main Scenario
Consider long positions from corrections above 94.85 with a target of 107.00–115.50.
Alternative Scenario
Breakout and consolidation below 94.85 will allow the asset to continue declining to the levels of 86.10–79.25.
Analysis
On the weekly chart, a descending correction (2) appears to have formed and an ascending wave (3) is unfolding. On the daily time frame, the first wave of smaller degree 1 of (3) has apparently formed, a downward correction has been completed as the second wave 2 of (3), and the third wave 3 of (3) is developing, with wave i of 3 still unfolding as its part. Wave (iii) of i is still forming on the H4 chart, within which wave v of (iii) is unfolding. If the presumption is correct, WTI will continue to rise to 107.00–115.50. The level of 94.85 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 86.10–79.25.
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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