Home Market WTI Crude Oil: Elliott wave analysis and forecast for 05.08.22 – 12.08.22

WTI Crude Oil: Elliott wave analysis and forecast for 05.08.22 – 12.08.22

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Main scenario: consider short positions from corrections below the level of 98.25 with a target of 84.25 – 69.28.

Alternative scenario: breakout and consolidation above the level of 98.25 will allow the asset to continue rising to the levels of 115.91 – 123.95.

Analysis: apparently, the first wave of larger degree (1) continues developing on the daily chart, with wave 3 of (1) formed inside. A downward correction is presumably unfolding on the H4 chart as the fourth wave 4 of (1), with wave c of 4 developing as its part. Apparently, wave (iii) of c is formed, a local correction is completed as wave (iv) of c, and wave (v) of c is developing on the H1 chart. The third wave of smaller degree iii of (v) is unfolding as part of wave (v) of c. If the presumption is correct, the price will continue falling to the levels of 84.25 – 69.28. The level of 98.25 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 115.91 – 123.95



Price chart of USCRUDE in real time mode

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