WTI Crude Oil: Elliott wave analysis and forecast for 29.03.24 – 05.04.24

Main scenario: consider long positions from corrections above the level of 80.60 with a target of 85.50 – 88.55.

Alternative scenario: breakout and consolidation below the level of 80.60 will allow the asset to continue declining to the levels of 76.50 – 71.00.

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 first wave of smaller degree i of C formed and ascending correction forming as second wave ii of C inside. On the H1 time frame, apparently, wave (c) of ii is developing, with wave iii of (c) continuing forming as its part. If the presumption is correct, the WTI asset will continue to rise to the levels of 85.50 – 88.55. The level of 80.60 is critical in this scenario as a breakout will enable the price to continue falling to the levels of 76.50 – 71.00.

Price chart of USCRUDE in real time mode

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