Main scenario: consider short positions from corrections below the level of 84.00 with a target of 63.00 – 54.50.
Alternative scenario: breakout and consolidation above the level of 84.00 will allow the asset to continue rising to the levels of 94.40 – 98.25.
Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction continues developing as second wave (2). Supposedly, wave С of (2) is forming on the H4 chart. It includes a correction formed as wave iv of C. The fifth wave of smaller degree v of C appears to be developing on the H1 chart, with a local correction completed as wave (iv) of v inside. Wave (v) of v is unfolding. If the presumption is correct, the price will continue falling to the levels of 63.00 – 54.50. The level of 84.00 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 94.40 – 98.25.
Price chart of USCRUDE in real time mode
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