WTI Crude Oil: Elliott wave analysis and forecast for 08.03.24 – 15.03.24


Main scenario: consider long positions from corrections above the level of 75.78 with a target of 84.65 – 88.55.

Alternative scenario: breakout and consolidation below the level of 75.78 will allow the asset to continue declining to the levels of 63.67 – 55.00.

Analysis: a downside correction presumably continues developing as the 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 C formed and an ascending correction forming as second wave ii of C inside. On the H1 time frame, apparently, wave (c) of ii continues to develop, with wave iii of (c) forming inside. If the presumption is correct, the WTI asset will continue to rise to the levels of 84.65 – 88.55. The level of 75.78 is critical in this scenario as a breakout will enable the price to continue falling to the levels of 63.67 – 55.00.

Price chart of USCRUDE in real time mode

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