WTI Crude Oil: Elliott wave analysis and forecast for 05.07.24 – 12.07.24

July 5, 2024 2:49 pm

The article covers the following subjects:

Key takeaways

  • Main scenario: Consider short positions below the level of 87.75 with a target of 67.60 – 57.00 once a correction is completed. A sell signal: after the level of 87.75 is broken. Stop Loss: 90.00, Take Profit: 57.00.
  • Alternative scenario: Breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00. A buy signal: after the level of 87.75 is broken. Stop Loss: 85.00, Take Profit: 100.00.

Main scenario

Consider short positions below the level of 87.75 with a target of 67.60 – 57.00 once a correction is completed.

Alternative scenario

Breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00.

Analysis

A descending correction appears to continue forming on the daily chart as the second wave of larger degree (2), with wave С of (2) developing as its part. An ascending correction has formed on the H4 time frame as the second wave of smaller degree ii of C, and the third wave iii of С is unfolding. On the H1 time frame, the first wave of smaller degree (i) of iii has developed, and a local correction is nearing completion as the second wave (ii) of iii, within which wave c of (ii) is presumably ending. Upon its completion, if the presumption is correct, the WTI asset will continue falling to 67.60 – 57.00. The level of 87.75 is critical in this scenario as a breakout will allow the price to continue growing to the levels of 94.00 – 100.00.



Price chart of USCRUDE in real time mode

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