Forex

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.

Rate this article:

{{value}} ( {{count}} {{title}} )





Source link

Premium Alpha
Premium Alphahttp://premiumalpha.news

Related articles

Debt ceiling drama returns: Yellen warns of mid-January deadline

Treasury Secretary Janet Yellen fired off a warning shot to Congress at the moment, flagging a crucial debt ceiling timeline that might rattle markets in early 2025.Debt ceiling reinstates Jan 2Default threat window:...

pares features after topping $97K heading for 2nd weekly loss By Investing.com

Investing.com-- Bitcoin remained flat on Friday amid comfortable year-end buying and selling volumes, whereas traders stayed cautious concerning the prospect of cryptocurrencies after the Federal Reserve turned hawkish final week. fell 1.7% to...

How Billionaires Maintain Beating the Market—And How You Can Too

<div id="web page" x-data="sidebarAds(24percent7C&utm_source=Biggerpercent20Pockets&utm_term=Biggerpercent20Pockets","linkTitle":"Schedule a Name As we speak","id":"65d4be7b89ca4","impressionCount":"603686","dailyImpressionCount":"723","impressionLimit":"878328","dailyImpressionLimit":"2780","r720x90":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/08/REI-Nation-X-BP-Weblog-Advert-720x90-1.png","r300x250":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/08/REI-Nation-X-BP-Weblog-Advert-300x250-1.png","r300x600":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/08/REI-Nation-X-BP-Weblog-Advert-300x600-1.png","r320x50":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/08/REI-Nation-X-BP-Weblog-Advert-320x50-1.png","r720x90Alt":"","r300x250Alt":"","r300x600Alt":"","r320x50Alt":""},{"sponsor":"Middle Avenue Lending","description":"","imageURL":null,"imageAlt":null,"title":"","physique":"","linkURL":"https://centerstreetlending.com/bp/","linkTitle":"","id":"664ce210d4154","impressionCount":"332446","dailyImpressionCount":"674","impressionLimit":"600000","dailyImpressionLimit":"2655","r720x90":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/CSL_Blog-Ad_720x90-1.png","r300x250":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/CSL_Blog-Ad_300x250-2.png","r300x600":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/CSL_Blog-Ad_300x600-2.png","r320x50":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/CSL_Blog-Ad_320x50.png","r720x90Alt":"","r300x250Alt":"","r300x600Alt":"","r320x50Alt":""},{"sponsor":"BiggerPockets Monetary Providers Finder","description":"","imageURL":null,"imageAlt":null,"title":"","physique":"","linkURL":"https://www.biggerpockets.com/enterprise/finder/tax-and-financial-services","linkTitle":"Discover a Monetary Planner","id":"664e3267b2cc1","impressionCount":"53636","dailyImpressionCount":"58","impressionLimit":"1000000000","dailyImpressionLimit":"10000000","r720x90":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/FinServ-Weblog-720x90-1.png","r300x250":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/FinServ-Weblog-300x250-1-e1716400562184.png","r300x600":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/FinServ-Weblog-300x600-1.png","r320x50":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/05/FinServ-Weblog-320x50-1-e1716400684636.png","r720x90Alt":"BiggerPockets monetary planner finder","r300x250Alt":"BiggerPockets monetary planner finder","r300x600Alt":"BiggerPockets monetary planner finder","r320x50Alt":"BiggerPockets monetary planner finder"},{"sponsor":"CV3 Monetary","description":"","imageURL":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/07/Brand-512x512-1.png","imageAlt":"","title":"","physique":"","linkURL":"https://cv3financial.com/financing-biggerpockets/?utm_source=biggerpockets&utm_medium=web site&utm_campaign=august&utm_term=bridge&utm_content=banner","linkTitle":"","id":"66a7f395244ed","impressionCount":"147115","dailyImpressionCount":"528","impressionLimit":"636364","dailyImpressionLimit":"4187","r720x90":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/07/CV3-720x90-1.png","r300x250":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/07/CV3-300x250-1.png","r300x600":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/07/CV3-300x600-1.png","r320x50":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/07/CV3-320x50-1.png","r720x90Alt":"","r300x250Alt":"","r300x600Alt":"","r320x50Alt":""},{"sponsor":"Baselane","description":"Advert copy A","imageURL":"https://www.biggerpockets.com/weblog/wp-content/uploads/2024/09/SquareLogo-MidnightOnWhite-1.png","imageAlt":"","title":"","physique":"","linkURL":"https://www.baselane.com/lp/bigger-pockets?utm_source=partner_biggerpockets&utm_medium=Content...

Xbox Cloud Gaming Outage: Here is Why Your Queue Is So Lengthy

Xbox Cloud Gaming service has been down since Thursday, in accordance with the official Xbox Assist Twitter account. It seems that the service, which helps you to play Xbox video games on telephones, tablets...

Client Portfolio Providers: Added To Watchlist (NASDAQ:CPSS)

This text was written byObserveI'm a younger particular person investor with a robust deal with long-term wealth creation. My funding technique revolves round deciding on shares with robust progress potential in addition to...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

© Copyright - Premium Alpha

WP2Social Auto Publish Powered By : XYZScripts.com