WTI Crude Oil: Elliott wave analysis and forecast for 08.11.24 – 15.11.24


The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider short positions from corrections below the level of 77.75 with a target of 61.50 – 53.60. A sell signal: the price holds below 77.75. Stop Loss: above 78.20, Take Profit: 61.50 – 53.60.
  • Alternative scenario: Breakout and consolidation above the level of 77.75 will allow the asset to continue rising to the levels of 83.75 – 87.17. A buy signal: the level of 77.75 is broken to the upside. Stop Loss: below 77.40, Take Profit: 83.75 – 87.17.

Main Scenario

Consider short positions from corrections below the level of 77.75 with a target of 61.50 – 53.60.

Alternative Scenario

Breakout and consolidation above the level of 77.75 will allow the asset to continue rising to the levels of 83.75 – 87.17.

Analysis

A descending correction appears to continue forming as the second wave of larger degree (2) on the weekly chart, with wave С of (2) developing as its part. Apparently, the first wave of smaller degree i of С is formed, a correction is completed as the second wave ii of С, and the third wave iii of C is developing on the daily time frame. On the H4 time frame, a local correction has formed as the fourth wave (iv) of iii, and the fifth wave (v) of iii is unfolding, with a local corrective wave ii of (v) nearing completion as its part. Upon its completion, if the presumption is correct, the WTI asset will continue falling to 61.50 – 53.60. The level of 77.75 is critical in this scenario as a breakout will enable the price to continue growing to 83.75 – 87.17.



Price chart of USCRUDE in real time mode

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