Main scenario: consider long positions from corrections above the level of 80.60 with a target of 94.00 – 100.00.
Alternative scenario: breakout and consolidation below the level of 80.60 will allow the asset to continue declining to the levels of 76.50 – 71.00.
Analysis: supposedly, a downward correction is completed as second wave of larger degree (2) on the daily chart. The ascending third wave (3) started forming, with wave 1 of (3) developing as its part. On the H4 time frame, there is the fifth wave of smaller degree v of 1 developing, with wave (iii) of v forming inside. Apparently, a local correction is completed as fourth wave iv of (iii) on the H1 time frame. If the presumption is correct, the WTI price may be expected to rise to the levels of 94.00 – 100.00 The level of 80.60 is critical in this scenario as a breakout will allow the asset to continue falling to the levels of 76.50 – 71.00.
Price chart of USCRUDE in real time mode
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