Main scenario: consider short positions from corrections below the level of 84.85 with a target of 67.60 – 57.00.
Alternative scenario: breakout and consolidation above the level of 84.85 will allow the asset to continue rising to the levels of 94.00 – 100.00.
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 started unfolding. Wave (i) of iii is developing on the H1 time frame, with a local corrective wave iv of (i) forming as its part. Upon its completion, If the presumption is correct, the WTI price may be expected to drop to the levels of 67.60 – 57.00. The level of 84.85 is critical in this scenario as a breakout will allow the asset to continue rising to the levels of 94.00 – 100.00.
Price chart of USCRUDE in real time mode
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