WTI Crude Oil: Elliott wave analysis and forecast for 22.09.23 – 29.09.23

Main scenario: consider long positions from corrections above the level of 82.90 with a target of  98.00 – 102.00.

Alternative scenario: breakout and consolidation below the level of 82.90 will allow the asset to continue declining to the levels of 77.00 – 73.22.

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 a smaller degree 1 of (3) is presumably developing on the H4 chart, with wave iii of 1 forming inside. Apparently, wave (iii)… Read full author’s opinion and review in blog of #LiteFinance