WTI CRUDE OIL: WAVE ANALYSIS

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WTI CRUDE OIL: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point76.06
Take Profit60.00, 52.00
Stop Loss79.30
Key Levels52.00, 60.00, 79.30, 81.63, 85.00
Alternative scenario
RecommendationBUY STOP
Entry Point79.35
Take Profit81.63, 85.00
Stop Loss78.60
Key Levels52.00, 60.00, 79.30, 81.63, 85.00

A fall is possible.

On the daily chart, the first wave of the higher level (1) ended, and a downward correction forms as the second wave (2), within which the wave C of (2) develops. Now, the first wave of the lower level i of C of (2) has formed, a correction has developed as the second wave ii of C of (2), and the third wave iii of C of (2) has started, within which a local correction has formed as the wave (ii) of iii. If the assumption is correct, the price of the asset will fall to the area of 60.00–52.00. In this scenario, critical stop loss level is 79.30.

WTI CRUDE OIL: WAVE ANALYSIS

WTI CRUDE OIL: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 79.30 with the targets at 60.00–52.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 79.30 will let the asset grow to the area of 81.63–85.00.


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