The article covers the following subjects:
Major Takeaways
Main scenario: Consider short positions from corrections below 68.25 with a target of 60.00 – 53.60. A sell signal: the price holds below 68.25. Stop Loss: above 68.80, Take Profit: 60.00 – 53.60.Alternative scenario: Breakout and consolidation above the level of 68.25 will allow the asset to continue rising to the levels of 80.50 – 85.00. A buy signal: the level of 68.25 is broken to the upside. Stop Loss: below 67.70, Take Profit: 80.50 – 85.00.
Main scenario
Consider short positions from corrections below the level of 68.25 with a target of 60.00 – 53.60.
Alternative scenario
Breakout and consolidation above the level of 68.25 will allow the asset to continue rising to the levels of 80.50 – 85.00.
Analysis
A descending correction appears to have formed as the second wave of larger degree (2) on the weekly chart, with wave С of (2) completed as its part. On the daily timeframe, the third wave (3) has started unfolding, with the first counter-trend wave of smaller degree i of 1 of (3) formed as its part. On the H4 chart, a local correction is developing as the second wave ii of 1 of (3), with wave (c) of ii forming as its part. If the presumption is correct, WTI will continue to drop to 60.00 – 53.60. The level of 68.25 is critical in this scenario as a breakout will enable the price to continue growing to 80.50 – 85.00.
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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