WTI Crude Oil: Elliott wave analysis and forecast for 07.07.23 – 14.07.23

Main scenario: consider short positions from corrections below the level of 74.88 with a target of 61.65 – 54.50.

Alternative scenario: breakout and consolidation above the level of 74.88 will allow the asset to continue rising to the levels of 79.27 – 84.00.

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction continues developing as second wave (2). Wave С of (2) is developing on the H4 chart, with wave i of C of (2) completed as its part. A correction is completed as wave ii of C of (2)…. Read full author’s opinion and review in blog of #LiteFinance