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
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