WTI Crude Oil: Elliott wave analysis and forecast for 17.03.23 – 24.03.23
Main scenario: consider short positions from corrections below the level of 77.30 with a target of 60.00 – 54.50.
Alternative scenario: breakout and consolidation above the level of 77.30 will allow the asset to continue rising to the levels of 88.00 – 94.50.
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). Wave С of (2) is presumably forming on the H4 chart, with a local correction completed as the fourth wave of smaller degree iv of C inside. The fifth wave v of C started unfolding. Apparently, wave (iii) of v is developing on the H1 chart. If the presumption is correct, the asset’s price will continue falling to 60.00 – 54.50. The level of 77.30 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 88.00 – 94.50.
Price chart of USCRUDE in real time mode
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