WTI Crude Oil: Elliott wave analysis and forecast for 27.10.23 – 03.11.23

Main scenario: consider short positions from corrections below the level of 91.20 with a target of 80.00 – 76.36.

Alternative scenario: breakout and consolidation above the level of 91.20 will allow the asset to continue rising to the levels of 95.65 – 102.00.

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