WTI Crude Oil: Wave Analysis
| scenario | |
|---|---|
| Time frame | Weekly |
| Recommendations | SELL |
| Entry point | 67.10 |
| profit making | 60.00, 51.75 |
| Stop loss | 72.95 |
| For main levels | 51.75, 60.00, 72.95, 78.85, 84.80 |
| Alternative scenario | |
|---|---|
| Recommendations | BUY STOP |
| Entry point | 73.00 |
| profit making | 78.85, 84.80 |
| Stop loss | 71.05 |
| For main levels | 51.75, 60.00, 72.95, 78.85, 84.80 |
The potential for decline continues to be maintained.
On the daily chart, the downward correction continues to develop in the form of the second wave with a larger level (2), within which wave C of (2) is formed. At the moment, the third wave with a smaller level iii of C is developing, within which wave (iii) of iii has ended, the correction has ended in the form of wave (iv) of iii and wave (v) of iii is observed. If this prediction is correct, the asset price will fall to the area of 60.00–51.75. The critical level for a stop loss in this scenario is considered to be the point 72.95.
Main scenario
Short-term trades will be active below the level of 72.95, with targets set at 60.00–51.75. Execution period: 7 days and more.
Alternative scenario
Breaking and consolidating the price above the level of 72.95 will allow the instrument to continue the upward dynamics to the zone of 78.85–84.80.
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