WTI Crude Oil: Elliott wave analysis and forecast for 26.01.24 – 02.02.24


Main scenario: consider long positions from corrections above the level of 73.33 with a target of 81.80 – 85.13.

Alternative scenario: breakout and consolidation below the level of 73.33 will allow the asset to continue declining to the levels of 55.00 – 45.00.

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 as its part. A local correction appears to be unfolding as second wave ii of C on the H1 time frame, with waves (a) of ii and (b) of ii formed and wave (c) of ii continuing developing. If the presumption is correct, the WTI will continue to rise to the levels of 81.80 – 85.13. The level of 73.33 is critical in this scenario as a breakout will enable the price to continue falling to the levels of 55.00 – 45.00.



Price chart of USCRUDE in real time mode

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