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
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