The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above 79.00 with a target of 105.17–115.50. A buy signal: the price holds above 79.00. Stop Loss: below 77.50, Take Profit: 105.17–115.50.
- Alternative scenario: Breakout and consolidation below 79.00 will allow the asset to continue declining to the levels of 67.00–58.50. A sell signal: the level of 79.00 is broken to the downside. Stop Loss: above 80.50, Take Profit: 67.00–58.50.
Main Scenario
Consider long positions from corrections above 79.00 with a target of 105.17–115.50.
Alternative Scenario
Breakout and consolidation below 79.00 will allow the asset to continue declining to the levels of 67.00–58.50.
Analysis
On the weekly chart, a descending correction has likely finished developing as the second wave of larger degree (2) and an ascending third wave (3) is forming. On the daily chart, apparently, the first wave of smaller degree 1 of (3) has formed, a local correction has been completed as wave 2 of (3), and wave 3 of (3) has started unfolding. Wave i of 3 appears to continue forming on the H4 chart, with wave (iii) of i unfolding as its part. If the presumption is correct, WTI will continue to rise to 105.17–115.50. The level of 79.00 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 67.00–58.50.
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
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
Feed from Litefinance.com