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The article covers the following topics:
Key points and highlights
- Main scenario: Once the correction is formed, consider short positions below 78.85 with a downside target of 63.50 – 53.60. Sell signal: after the price returns below 78.85. Stop loss: above 80.00, Take profit: 63.50 – 53.60.
- Alternative scenario: Breakout and consolidation above 78.85 will allow the asset to continue rising to 84.16 – 94.10 levels. Buy signal: After breaking 78.85 to the upside. Stop loss: below 77.50, Take profit: 84.16 – 94.10.
Main scenario
Consider short positions on corrections below 78.85 with target 63.50 – 53.60.
Alternative scenario
A breakout and consolidation above the 78.85 level will allow the asset to continue rising to the 84.16 – 94.10 levels.
analysis
The bearish correction seems to be continuing to form on the weekly chart with the second wave of larger degree (2), with wave C of (2) developing as part of it. Apparently, the first wave of smaller degree i of C and the second corrective wave ii of C have completed on the daily chart. Wave iii of C has started to appear on the H4 timeframe. If the assumption is correct, West Texas Intermediate Crude The decline will continue to 63.50 – 53.60. The 78.85 level is crucial in this scenario as a breakout will allow the price to continue growing to the 84.16 – 94.10 levels.
USCRUDE Real Time Price Chart
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