WTI Crude Oil: Elliott wave analysis and forecast for 21.07.23 – 28.07.23

Main scenario: consider long positions above the level of 72.50 with a target of 84.00 – 94.70 once a correction is formed.

Alternative scenario: breakout and consolidation below the level of 72.50 will allow the asset to continue declining to the levels of 66.62 – 60.00.

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a descending correction developed as second wave (2). The third wave (3) presumably started forming on the H4 chart, with wave i of 1 of (3) and a correction ii of 1 of (3) completed as its part…. Read full author’s opinion and review in blog of #LiteFinance