WTI Crude Oil: Elliott wave analysis and forecast for 28.07.23 – 04.08.23

Main scenario: consider long positions from corrections above the level of  73.65 with a target of 88.00 – 94.70. 

Alternative scenario: breakout and consolidation below the level of 73.65 will allow the asset to continue declining to the levels of 66.62 – 60.00. 

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a descending correction developed as second wave (2). The third wave (3) presumably started forming on the H4 chart, with wave i of 1 of (3) and a correction ii of 1 of (3) completed as its part. Wave iii of… Read full author’s opinion and review in blog of #LiteFinance