Main scenario: consider short positions from corrections below the level of 74.65 with a target of 54.50 – 45.00.
Alternative scenario: breakout and consolidation above the level of 74.65 will allow the asset to continue rising to the levels of 84.00 – 94.00.
Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction continues developing as second wave (2). Wave С of (2) is developing on the H4 chart, with wave i of C of (2) completed as its part. A local correction is presumably completed as wave ii of C of (2). Apparently, wave iii of C of (2) started developing on the H1 chart. If this assumption is correct, the asset’s price will continue to drop to 54.50 – 45.00. The level of 74.65 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 84.00 – 94.00.
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. 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 2004/39/EC.
Feed from Litefinance.com