WTI Crude Oil: Elliott wave analysis and forecast for 25.08.23 – 01.09.23

Main scenario: consider long positions above the level of 75.87 with a target of 88.00 – 94.70 once a correction has formed.

Alternative scenario: breakout and consolidation below the level of 75.87 will allow the asset to continue declining to the levels of 73.80 – 66.62.

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