Main scenario: consider short positions from corrections below the level of 80.85 with a target of 63.77 – 55.00.

Alternative scenario: breakout and consolidation above the level of 80.85 will allow the asset to continue rising to the levels of 87.80 – 94.00.

Analysis: supposedly, a downward correction continues developing as second wave of larger degree (2) on the daily chart, with wave С of (2) unfolding as its part. Apparently, an ascending correction is completed as second wave of smaller degree ii of C on the H4 time frame, and the third wave iii of С is unfolding. A local corrective wave (ii) of iii is completed, and wave (iii) of iii is developing on the H1 time frame. If the presumption is correct, the WTI price is expected to drop to the levels of 63.77 – 55.00. The level of 80.85 is critical in this scenario as a breakout will allow the asset to continue rising to the levels of 87.80 – 94.00.

LiteFinance: WTI Crude Oil: Elliott wave analysis and forecast for 07.06.24 – 14.06.24 | LiteFinance

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