WTI Crude Oil: Elliott wave analysis and forecast for 17.11.23 – 24.11.23

Main scenario: consider long positions above the level of 66.40 with a target of 91.05 – 95.65 once a correction is formed.

Alternative scenario: breakout and consolidation below the level of 66.40 will allow the asset to continue declining to the levels of 58.00 – 50.00.

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… Read full author’s opinion and review in blog of #LiteFinance