Main scenario: consider long positions from corrections above the level of 77.95 with a target of 95.00 – 102.00.
Alternative scenario: breakout and consolidation below the level of 77.95 will allow the asset to continue declining to the levels of 73.80 – 66.85.
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. Apparently, wave (iii) of iii is nearing completion on the H1 chart. If this assumption is correct, the asset’s price will continue to rise to 95.00 – 102.00 after a local correction (iv) of iii is completed. The level of 77.95 is critical in this scenario as a breakout will enable the price to continue declining to the levels of 73.80 – 66.85.
Price chart of USCRUDE in real time mode
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