WTI Crude Oil: Elliott wave analysis and forecast for 01.12.23 – 08.12.23

Main scenario: consider long positions from corrections above the level of 72.35 with a target of 91.05 – 95.65.

Alternative scenario: breakout and consolidation below the level of 72.35 will allow the asset to continue declining to the levels of 64.20 – 58.00.

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. The first wave of smaller degree 1 of (3) is presumably developing on the H4 chart. As its part, wave iii of 1 is formed, and a… Read full author’s opinion and review in blog of #LiteFinance