WTI Crude Oil: Elliott wave analysis and forecast for 17.03.23 – 24.03.23

Main scenario: consider short positions from corrections below the level of 77.30 with a target of 60.00 – 54.50.

Alternative scenario: breakout and consolidation above the level of 77.30 will allow the asset to continue rising to the levels of 88.00 – 94.50.

Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a bearish correction continues developing as second wave (2). Wave С of (2) is presumably forming on the H4 chart, with a local correction completed as the fourth wave of smaller degree iv of C inside. The fifth wave v of C started unfolding. Apparently, wave (iii) of v is developing on the H1 chart. If the presumption is correct, the asset’s price will continue falling to 60.00 – 54.50. The level of 77.30 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 88.00 – 94.50.

Price chart of USCRUDE in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}} ( {{count}} {{title}} )

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *