WTI Crude Oil: Elliott wave analysis and forecast for 20.10.23 – 27.10.23

Main scenario: consider long positions from corrections above the level of 81.65 with a target of 102.00 – 110.00.

Alternative scenario: breakout and consolidation below the level of 81.65 will allow the asset to continue declining to the levels of 77.85 – 73.82.

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, with wave iii of 1 forming inside. On the H1 chart,… Read full author’s opinion and review in blog of #LiteFinance