Home News WTI Crude Oil: Elliott wave analysis and forecast for 10.06.22 – 17.06.22...

WTI Crude Oil: Elliott wave analysis and forecast for 10.06.22 – 17.06.22 | LiteFInance

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Main scenario: consider long positions from corrections above the level of 112.15 with a target of 132.00 – 145.00.

Alternative scenario: breakout and consolidation below the level of 112.15 will allow the asset to continue declining to the levels of 97.65 – 84.25.

Analysis: on the daily chart, wave C of larger degree presumably continues developing, with the fifth wave (5) of C forming as its part. The third wave of smaller degree 3 of (5) appears to be unfolding on the H4 chart, with wave iii of 3 forming inside. Apparently, wave (i) of iii is formed, a local correction (ii) of iii is completed, and wave (iii) of iii is developing on the H1 chart. If the presumption is correct, the asset’s price will continue to rise to the levels of 132.00 – 145.00. The level of 112.15 is critical in this scenario as a breakout will enable the price to continue declining to the levels of 97.65 – 84.25.



Price chart of USCRUDE in real time mode

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