Main scenario: consider short positions from corrections below the level of 83.17 with a target of 69.28 – 64.00.
Alternative scenario: breakout and consolidation above the level of 83.17 will allow the asset to continue rising to the levels of 90.92 – 94.40.
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). Supposedly, wave С of (2) is forming on the H4 chart. It includes a local correction formed as wave iv of C. The fifth wave of smaller degree v of C appears to be developing on the H1 chart, with wave (v) of v unfolding as its part. If the presumption is correct, the price will continue falling to the levels of 69.28 – 64.00. The level of 83.17 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 90.92 – 94.40.
Price chart of USCRUDE in real time mode
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