Home Market WTI Crude Oil: Elliott wave analysis and forecast for 08.07.2022 – 15.07.2022

WTI Crude Oil: Elliott wave analysis and forecast for 08.07.2022 – 15.07.2022


Main scenario: consider short positions from corrections below the level of 112.72 with a target of 93.70 – 84.25.

Alternative scenario: breakout and consolidation above the level of 112.72 will allow the asset to continue rising to the levels of 123.95 – 132.00.

Analysis: apparently, the first wave of larger degree (1) continues developing on the daily chart, with wave 3 of (1) formed inside. A local 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, waves (i) of c and (ii) of c are formed and wave (iii) of c is unfolding on the H1 chart. A local correction is nearing completion in the form of wave iv of (iii) as part of the wave (iii) of c. If the presumption is correct, the price will continue falling to the levels of 93.70 – 84.25. The level of 112.72 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 123.95 – 132.00.

Price chart of USCRUDE in real time mode

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