WTI Crude Oil: Elliott wave analysis and forecast for 30.09.22 – 07.10.22


Main scenario: consider short positions from corrections below the level of 90.40 with a target of 69.28 – 54.60.

Alternative scenario: breakout and consolidation above the level of 90.40 will allow the asset to continue rising to the levels of 98.30 – 103.65.

Analysis: The first wave of larger degree (1) is presumably formed on the daily chart, and a downside correction is unfolding as the second wave (2). Apparently, waves А of (2) and B of (2) are formed on the H4 chart. Wave С of (2) is currently developing, in which the third wave of the smaller degree iii of C has been formed. On the H1 chart, a local correction is developing as the fourth wave iv of C. If the presumption is correct, after its completion the price will continue falling to the levels of 69.28 – 54.60. The level of 90.40 is critical in this scenario as a breakout will enable the price to continue growing to the levels of 98.30 – 103.65.



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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