WTI Crude Oil: Elliott wave analysis and forecast for 02.02.24 – 09.02.24

Main scenario: consider short positions from corrections below the level of 79.18 with a target of 63.67 – 55.00.

Alternative scenario: breakout and consolidation above the level of 79.18 will allow the asset to continue rising to the levels of 81.80 – 85.13.

Analysis: a downside correction presumably continues developing as second wave of larger degree (2) on the daily time frame, with waves A of (2) and B of (2) completed as its parts. Wave С of (2) is developing on the H4 time frame, with the first wave of smaller degree i of С formed and the local corrective second wave ii of C completed as its parts. The third wave iii of C appears to have started unfolding on the H1 time frame. If the presumption is correct, the WTI‘s price will continue falling to 63.67 – 55.00. The level of 79.18 is critical in this scenario as a breakout will allow the price to continue growing to the levels of 81.80 – 85.13.

Price chart of USCRUDE in real time mode

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