WTI Crude Oil: Elliott wave analysis and forecast for 19.05.23 – 26.05.23 | LiteFinance

Main scenario: consider short positions from corrections below the level of 83.45 with a target of 54.50 – 45.00.

Alternative scenario: breakout and consolidation above the level of 83.45 will allow the asset to continue rising to the levels of 94.00 – 102.40.

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 developing on the H4 chart, with wave i of C of (2) completed as its part. A local correction is unfolding as wave ii of C of (2) . Apparently, wave (c) of ii is forming on the H1 chart. If this assumption is correct, the asset’s price will continue to drop to 54.50 – 45.00 once the wave (c) of ii finished forming. The level of 83.45 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 94.00 – 102.40.

Price chart of USCRUDE in real time mode

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