WTI Crude Oil: Elliott wave analysis and forecast for 06.10.23 – 13.10.23

Main scenario: consider long positions from corrections above the level of  77.77 with a target of 102.00 – 110.00.

Alternative scenario: breakout and consolidation below the level of 77.77 will allow the asset to continue declining to the levels of 73.82 – 66.88.

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