The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above 75.60 with a target of 126.00–150.00. A buy signal: the price holds above 75.60. Stop Loss: below 75.60, Take Profit: 126.00–150.00.
- Alternative scenario: Breakout and consolidation below 75.60 will allow the asset to continue declining to the levels of 65.00–55.00. A sell signal: the 75.60 level is broken to the downside. Stop Loss: above 75.60, Take Profit: 65.00–55.00.
Main Scenario
Consider long positions from corrections above 75.60 with a target of 126.00–150.00.
Alternative Scenario
Breakout and consolidation below 75.60 will allow the asset to continue declining to the levels of 65.00–55.00.
Analysis
A descending correction appears to have formed as the second wave of larger degree (2) on the weekly chart, with wave C of (2) completed as its part. On the daily time frame, the ascending third wave (3) has started unfolding, with the first wave of smaller degree 1 of (3) developing as its part. On the H4 time frame, a local correction has likely been completed as wave iv of 1, and wave v of 1 is now forming. If the presumption is correct, WTI will continue to rise to the levels of 126.00–150.00. The level of 75.60 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 65.00–55.00.
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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