WTI Crude Oil: Elliott wave analysis and forecast for 01.09.23 – 08.09.23

Main scenario: consider long positions from corrections above the level of 77.95 with a target of 88.00 – 94.70.

Alternative scenario: breakout and consolidation below the level of 77.95 will allow the asset to continue declining to the levels of 73.80 – 71.20.

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