WTI Crude Oil: Elliott wave analysis and forecast for 14.10.2022 – 21.10.2022


Main scenario: consider long positions from corrections above the level of 76.35 with a target of 103.65 – 116.00.

Alternative scenario: breakout and consolidation below the level of 76.35 will allow the asset to continue declining to the levels of 69.28 – 54.50.

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. Apparently, wave i of 1 is formed on the H1 chart, and a local correction is developing as wave ii of 1. If the presumption is correct, the asset’s price will continue to rise to the levels of 103.65 – 116.00 following the correction. The level of 76.35 is critical in this scenario as a breakout will enable the price to continue declining to the levels of 69.28 – 54.50.



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.

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