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Main scenario: consider long positions from corrections above the level of 82.18 with a target of 103.65 – 116.00.
Alternative scenario: breakout and consolidation below the level of 82.18 will allow the asset to continue declining to the levels of 75.97 – 69.28.
Analysis: the first wave of larger degree (1) is presumably formed on the daily chart, and a descending correction developed as second wave (2). The third wave (3) appears to be developing on the H4 chart, with the first wave of smaller degree 1 of (3) forming as its part. H1 chart: apparently, wave i of 1 is completed and a local correction is formed as wave ii of 1; the third wave iii of 1 is unfolding, with wave (i) of iii formed as its part. If the presumption is correct, the asset’s price will continue to rise to the levels of 103.65 – 116.00 once a corrective wave (ii) of iii is completed. The level of 82.18 is critical in this scenario as a breakout will enable the price to continue declining to the levels of 75.97 – 69.28.
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.
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