WTI Crude Oil: Elliott wave analysis and forecast for 04.08.23 – 11.08.23

Main scenario: consider long positions from corrections above the level of 78.55 with a target of 88.00 – 94.70.

Alternative scenario: breakout and consolidation below the level of 78.55 will allow the asset to continue declining to the levels of 73.57 – 66.62.

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