WTI CRUDE OIL: WAVE ANALYSIS

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WTI CRUDE OIL: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point77.76
Take Profit67.60, 60.00
Stop Loss87.75
Key Levels60.00, 67.60, 87.75, 95.42, 100.96
Alternative scenario
RecommendationBUY STOP
Entry Point87.80
Take Profit95.42, 100.96
Stop Loss85.30
Key Levels60.00, 67.60, 87.75, 95.42, 100.96

The price is in a correction and a fall is possible.

On the daily chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C has ended, a correction has formed as the second wave ii of C, and the third wave iii of C is developing, within which a local correction is forming as the wave (ii) of iii. If the assumption is correct, the price of the asset will fall to the area of 67.00–60.00. In this scenario, critical stop loss level is 87.75.

WTI CRUDE OIL: WAVE ANALYSIS

WTI CRUDE OIL: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 87.75 with the targets at 67.60–60.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 87.75 will let the asset grow to the area of 95.42–100.96.


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