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Main scenario: consider short positions from corrections below the level of 87.75 with a target of 67.60 – 57.00.
Alternative scenario: breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00.
Analysis: supposedly, a downward correction continues developing as second wave of larger degree (2) on the daily chart, with wave С of (2) unfolding as its part. Apparently, an ascending correction is completed as second wave of smaller degree ii of C on the H4 time frame, and the third wave iii of С started unfolding. Wave (i) of iii is developing on the H1 time frame, with a local corrective wave iv of (i) completed and wave v of (i) developing as its parts. Upon its completion, if the presumption is correct, the WTI price may be expected to drop to the levels of 67.60 – 57.00. The level of 87.75 is critical in this scenario as a breakout will allow the asset to continue rising to the levels of 94.00 – 100.00.
Price chart of USCRUDE in real time mode
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