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Main scenario: After the correction is over, short positions should be considered below the 87.75 level with a target of 67.60 – 57.00.
Alternative scenario: A breakout and consolidation above the 87.75 level will allow the asset to continue rising to the 94.00 – 100.00 levels.
analysis: The downward correction is supposed to continue developing as a second wave of larger degree (2) on the daily chart, with wave C of (2) appearing as part of it. The upward correction is clearly completed as a second wave of smaller degree ii of C on the H4 timeframe, and the third wave iii of C is unfolding. On the H1 timeframe, the first wave of smaller degree (i) of iii is forming and the local correction is supposed to be nearing completion as a second wave (ii) of iii, with wave c of (ii) nearing completion. If the assumption is correct, wave C of (ii) is nearing completion. West Texas Intermediate Crude The price is expected to drop to the levels of 67.60 – 57.00 after the correction ends. The level of 87.75 is crucial in this scenario as a breakout will allow the asset to continue rising to the levels of 94.00 – 100.00.
USCRUDE price chart in real time mode
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