WTI Crude Oil: Elliott wave analysis and forecast for 05.01.24 – 12.01.24

Main scenario: consider long positions from corrections above the level of 69.00 with a target of 81.80 – 85.15.

Alternative scenario: breakout and consolidation below the level of 69.00 will allow the asset to continue declining to the levels of 55.00 – 45.00.

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) started developing on the H4 time frame, with the first wave of smaller degree i of С formed as its part…. Read full author’s opinion and review in blog of #LiteFinance